Raw Sugar Update

We saw another cautious start to trading today with Oct’25 opening at 16.56 and immediately meeting some selling pressure, which pushed the market lower to 16.44 in the first hour. This early weakness came as traders adjusted positions on light volume, and there was little follow-through buying to provide support. By mid-morning, values stabilised, and the market began to edge higher again. A modest wave of buying interest – potentially short covering or small commercial pricing – helped Oct’25 recover to 16.54. The upward momentum, however, was slow to build, and for the next several hours, trading was subdued as the market consolidated just above 16.45. A combination of potential opportunistic buying and possible short covering helped lift the market into the mid-16.50s, culminating in a test of the day’s high at 16.58 by late afternoon. This brief spike was the strongest move of the session, but once again, a lack of sustained buying capped the rally. Oct’25 drifted lower as some positions were squared out ahead of the close. The market eventually settled at 16.45. 

Raw Sugar No.11 (SB) – ICE Futures US Softs
Month Open High Low Sett Chg Last Vol O/I
Oct’25 16,56 16,58 16,37 16,45 -0,14 16,46 31.260 391.373
Mar’26 17,19 17,19 17,01 17,06 -0,13 17,08 15.518 222.689
May’26 16,81 16,86 16,69 16,74 -0,12 16,76 4.326 88.167
Jul’26 16,55 16,72 16,55 16,61 -0,11 16,63 3.012 67.518
Oct’26 16,90 16,90 16,76 16,79 -0,09 16,79 1.220 43.258
Mar’27 17,27 17,31 17,19 17,22 -0,08 17,22 543 24.547
May’27 16,88 16,92 16,82 16,83 -0,08 16,82 408 12.274
Jul’27 16,73 16,73 16,64 16,65 -0,09 16,65 563 11.742
Oct’27 16,81 16,81 16,71 16,72 -0,09 16,71 451 8.658
Mar’28 17,18 17,18 17,08 17,09 -0,08 17,08 177 1.742
May’28 16,87 16,87 16,77 16,78 -0,07 16,77 103 623
                 
Total             57.581 872.591

White Sugar Update

We saw a similarly quiet and cautious start in the Oct’25 Whites market today as values opened at $473.80 and quickly tested the upper end of the range, although early buying interest was fleeting. Within the first hour, prices retreated and drifted steadily lower, with sellers gradually chipping away at bids to push the market down to $471 by mid-morning. The weakness persisted through midday as trading volumes remained thin and speculative participation appeared limited. A gradual drift lower saw Oct’25 trade to the session’s low of $468.30 by early afternoon as buyers remained reluctant to step in, leaving the market vulnerable to small waves of selling. Conditions improved later in the session, with a modest recovery beginning shortly after 15:00. Short covering or light commercial pricing potentially helped values regain lost ground, taking the market back up towards $473. However, the rally failed to generate sufficient follow-through buying to break through resistance, and possible profit-taking soon reversed much of the move. The market settled at $470, just off the day’s lows, leaving Oct’25 Whites still struggling to find upward momentum. 

White Sugar No.5 (QW) – ICE Futures Europe Commodities
Month Open High Low Sett Chg Last Vol O/I
Oct’25 473,80 473,90 468,30 470,00 -5,30 469,90 7.929 60.263
Dec’25 466,10 466,30 460,70 462,40 -5,30 462,50 4.258 30.155
Mar’26 471,30 471,30 465,90 467,20 -4,30 467,40 2.657 17.221
May’26 470,40 471,70 467,80 469,20 -3,90 469,40 595 5.870
Aug’26 470,30 471,00 468,00 469,30 -3,70 469,50 178 4.538
Oct’26 471,50 472,10 470,00 470,90 -3,60 472,00 51 2.556
Dec’26 475,00 475,50 475,00 474,40 -3,10 475,30 8 1.899
Mar’27          –              –              –   479,20 -2,50 481,90            –   762
May’27          –              –              –   480,10 -2,50 476,90            –   205
Aug’27          –              –              –   479,70 -2,50 479,50            –   211
Oct’27          –              –              –   479,50 -2,50 –            –   130
Dec’27          –              –              –   479,40 -2,50 –            –   12
Mar’28          –              –              –   479,10 -2,50 –            –                 –  
May’28          –              –              –   479,10 -2,50 –            –                 –  
Total             15.676 123.822
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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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