Daily Market Price Updates and Commentary 29th July 2025

Raw Sugar Update

We saw another exceptionally quiet start to trading today with Oct’25 holding a tight 16.43/16.48 band through the first hour on low volume. Buying then began to creep in and the market nudged into the 16.50’s ahead of a very brief spike to 16.60, though this failed spike seemed to kill any momentum that was being generated, and the market soon fell back to a slight deficit against small trader liquidation. The picture remained calm as we moved into the afternoon as the narrow range failed to garner much activity, though things did enliven by the middle of the afternoon when smaller trader buying drew out some short covering above 16.60 which helped the price rally to 16.74, its highest level since the start of last week. A modicum of grower pricing was uncovered at the higher levels, though with volumes still light it did not take a significant interest to cap the market. Oct’25 continued in the lower 16.70’s for a period before dropping back on small trader selling/position squaring. Oct’25 levelled out in the upper $16.50’s and remained calm in this are through the final two hours as interest waned amongst even the more active of the spec community. This slow conclusion ended with Oct’25 valued at 16.59, a solid net gain but still firmly entrenched within the 16c/17c band.

White Sugar Update

The early part of the session saw Oct’25 see-saw either side of $475.00 as it continues to struggle to find any meaningful direction with Oct’25 making a high at $478.70 before slipping back at pace once the smaller traders swung out of their longs. Having fallen back the market dug in and held ahead of $471.00 through the later morning, maintaining the same area for a couple of hours more as the Americas day got underway slowly and failed to provide any fresh impetus. The calm was broken towards the middle of the afternoon as a fresh round of buying drew in some short covering and prompted a rally back through the morning range, and then on to new highs as the limited amount of selling on display allowed the momentum to build. Oct’25 reached $479.90 before the inevitable position covering occurred, which created something of a hump on the chat once the price had returned to the mid $470’s. This left the market holding on to mild gains through the later part of the day, but despite this there was some negative impact on sentiment being inflicted through the lower white premium values. Here was saw Oct/Oct’25 slip down towards $109 during the afternoon, while the front spread was also weaker with Oct/Dec’25 seeing a daily low at $7.10. There was little change to the picture through the final stages with Oct’25 stumbling to a token gain as it settled at $475.30 and remains bound by current parameters.