Daily Market Price Updates and Commentary 3rd July 2025

Raw Sugar Update

Starting the day at unchanged,  we soon saw Oct’25 coming back under pressure and through the first hour the market moved down top explore yesterdays lows. This resulted in matching the 15.44 mark, but the thinner nature of early day selling and brief inability to break down further soon encouraged short covering which took the market back through to opening levels. Soon after the recovery extended into positive ground and with few resting sell orders in place down at these levels some upward momentum was able to develop. Having reached 15.90 during the morning some additional short covering emerged at the start of the US morning and extended the gain through to 16.20 and match the highs of Tuesday. A pause followed before the market pushed again and moved into the 16.30’s, and while this only drew us to levels seen on Monday it was the most positive that the market has looked for some considerable time. The higher levels drew out some grower pricing and this shadowed the market in the 16.30’s through the later afternoon until late buying emerged to achieve a new daily high at 16.40. Settlement was made just a couple of points shy of this mark at 16.38 with the Oct’25/March’26 spread a little stronger at -0.68 points, though with prices only reversing within the ongoing range it does not yet represent anything more than a bounce. The market is closed tomorrow for the Thanksgiving holiday so eyes will turn to white sugar and its movement to see whether any influence is exerted ahead of our restart on Monday.

White Sugar Update

It was another disappointing start to the day with Oct’25 dropping down almost immediately to another new low at $447.00, though unlike the rest of this week it proved to be a short-lived fall, and the losses were soon erased. This sparked some position covering which led the price up to the $460.00 area at pace, aided considerably by a lack of any discernable selling with growers holding back from non-essential pricing and hoping for some additional price recovery. Though the market paused for the rest of the morning it did not mark the end of the progress and a couple of hours later we were seeing continued steady gains being made through the $460’s. The movements were coming in relative unison with No.11 and so white premium values were holding firm, helping to mark a constructive turnaround despite the market remaining at lower levels than we saw on Monday. The price was capped at $468.50 through the later afternoon until buyers returned with one more late salvo. Through the final hour this extended Oct’25 up to $471.30, a mighty turnaround and one that will prove interesting to follow tomorrow while the US markets are close. Oct/Oct’25 remained steady and went out valued at $109.80, while at the top of the board the latest round of rolling contributed to a widening of Aug/Oct’25, ending the day at $10.60.