Raw Sugar Update 

The No.11 opened at 15.01 and drifted lower throughout the session. After briefly touching the day’s high at the open, prices began to ease through the morning amid potential speculative liquidation and light commercial selling. Momentum gradually weakened as the market slipped below 14.70, with little evidence of strong buying support. By midday, prices stabilized around the mid-14.50s, suggesting a cautious tone among participants and muted trade activity. However, the softness persisted into the afternoon, with the contract extending losses to a session low of 14.34. A mild recovery followed later in the day, likely on short-covering interest, but it lacked follow-through. The session ultimately settled at 14.47, near the lower end of the day’s range , maintaining a bearish tone as sentiment remained subdued and traders awaited fresh market cues.

Raw Sugar No.11 (SB) – ICE Futures US Softs
Month Open High Low Sett Chg Last Vol O/I
Mar’26 15.01 15.04 14.34 14.46 -0.51 14.47 84,176 469,623
May’26 14.52 14.55 13.94 14.08 -0.40 14.08 34,984 160,828
Jul’26 14.40 14.44 13.87 14.01 -0.35 14.03 15,373 103,795
Oct’26 14.60 14.65 14.11 14.25 -0.32 14.26 7,771 66,539
Mar’27 15.14 15.16 14.67 14.81 -0.28 14.82 4,152 36,861
May’27 14.87 14.90 14.46 14.59 -0.23 14.60 1,782 19,743
Jul’27 14.80 14.81 14.41 14.53 -0.20 14.54 1,142 15,182
Oct’27 15.06 15.06 14.60 14.72 -0.16 14.72 831 13,294
Mar’28 15.43 15.43 15.07 15.19 -0.13 15.19 750 4,693
May’28 15.50 15.50 14.82 14.93 -0.11 14.82 275 2,089
Jul’28 15.03 15.05 14.74 14.85 -0.09 14.74 188 1,514
                 
Total             151,424 894,161

 

White Sugar Update 

The No.5 contract opened at 430.8 and fell sharply through the early session, slipping below 425 within the first hour as the market came under steady downward pressure. The initial weakness appeared driven by potential speculative selling and a lack of commercial bids, allowing prices to extend losses toward the session low of 415.30 by early afternoon. Following the sell-off, a period of consolidation emerged around the lower 416 – 418 range, suggesting short-term exhaustion among sellers. Gradual short-covering and light buying interest helped lift prices modestly into the late session, but momentum remained limited. The market eventually settled at 421.80, well below the day’s open – marking a firmly bearish close despite the late recovery. Overall, the session reflected persistent downside pressure across the white’s complex, with sentiment remaining quite bearish and liquidity relatively light.

White Sugar No.5 (QW) – ICE Futures Europe Commodities
Month Open High Low Sett Chg Last Vol O/I
Dec’25 430.80 431.30 415.20 422.20 -9.10 422.20 11,990 61,962
Mar’26 424.70 425.70 410.70 416.20 -9.00 416.30 9,735 46,145
May’26 419.90 420.60 407.30 411.70 -8.60 411.60 3,490 20,133
Aug’26 415.40 416.10 404.40 408.60 -7.20 408.80 1,752 8,975
Oct’26 414.10 414.70 403.40 408.00 -6.20 408.40 570 4,660
Dec’26 417.50 417.80 406.70 411.70 -5.20 411.30 453 2,996
Mar’27 423.80 423.80 413.00 418.00 -4.90 417.30 363 1,915
May’27 429.40 429.40 419.70 423.70 -4.70 419.70 182 692
Aug’27 432.30 432.30 424.50 428.40 -4.70 424.50 35 586
Oct’27 435.00 435.00 430.20 431.00 -4.60 431.60 34 570
Dec’27 435.00 435.30 435.00 435.40 -4.10 435.30 30 311
Mar’28 440.10 440.40 440.10 440.50 -4.30 440.40 2 193
May’28          –              –              –   444.50 -4.30            –   146
Aug’28          –              –              –   447.20 -4.30            –                –  
Total             28,636 149,284

Jon Whybrow

Jon joined CZ in 1991, working in the Treasury department before moving to join the derivatives team in 1994. Over 30 years Jon has built up significant experience across derivatives markets and products, particularly sugar, and is now Head of Flow derivatives providing market execution services for CZ’s global client base. He is responsible for the market commentaries which are published each day on CZ app.

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