Raw Sugar Upgrade
It was a quiet start to trading as the market shook off last nights late washout and held a small distance either side of unchanged. This pattern continued throughout the morning with March’26 remaining within a 14.86 / 15.00 band as we reached noon sitting on yesterday’s low without showing much inclination to mount a move in either direction. The stagnation continued for a while longer until a burst of selling punched the price down to 14.78, though it proved to be a mere anomaly in the pattern with a return to tedious sideways trading soon taking place. March/May’25 saw light volumes as it continued in the mid 0.40’s, and there was even less enthusiasm to be found that previous days as the market drifted aimlessly towards the close. There was some end of day position management taking place, but it had little influence, and the day ended with March’26 valued at 14.88, slightly low but changing nothing in terms of the wider chart picture.
| Raw Sugar No.11 (SB) – ICE Futures US Softs | ||||||||
| Month | Open | High | Low | Sett | Chg | Last | Vol | O/I |
| Mar’26 | 14.92 | 15.00 | 14.78 | 14.88 | -0.05 | 14.91 | 33,367 | 461,747 |
| May’26 | 14.45 | 14.53 | 14.34 | 14.42 | -0.03 | 14.44 | 11,553 | 197,939 |
| Jul’26 | 14.41 | 14.49 | 14.32 | 14.40 | -0.01 | 14.42 | 8,049 | 103,918 |
| Oct’26 | 14.76 | 14.82 | 14.64 | 14.72 | -0.03 | 14.73 | 4,954 | 74,358 |
| Mar’27 | 15.44 | 15.51 | 15.32 | 15.39 | -0.04 | 15.40 | 2,586 | 48,132 |
| May’27 | 15.27 | 15.32 | 15.16 | 15.22 | -0.05 | 15.23 | 486 | 20,626 |
| Jul’27 | 15.22 | 15.29 | 15.16 | 15.22 | -0.05 | 15.24 | 181 | 15,069 |
| Oct’27 | 15.46 | 15.52 | 15.40 | 15.46 | -0.05 | 15.49 | 166 | 14,668 |
| Mar’28 | 16.07 | 16.09 | 15.97 | 16.02 | -0.06 | 16.05 | 286 | 5,091 |
| May’28 | 15.91 | 15.91 | 15.82 | 15.86 | -0.06 | 15.82 | 123 | 2,421 |
| Jul’28 | 15.89 | 15.89 | 15.81 | 15.84 | -0.07 | 15.82 | 171 | 2,207 |
| Total | 61,922 | 946,176 | ||||||
White Sugar Update
There was little of interest taking place during the first hour as the market made some tentative efforts to move higher without much success. A brief return to unchanged was followed by another effort higher, and on this occasion the specs did manage to send March’26 up to $429.70, but again it lacked continuing support and so towards the end of the morning the move reversed on long liquidation. This pattern of quiet trading is continuing to play out within the confines of Mondays range, and that factor is limiting interest and, in some ways, rendering these movements rather meaningless. There was some widening of the trading band through the afternoon as March’26 dropped down to $424.40, and aside from a short covering pop back to $427.50 the price generally sat to the bottom end of the range. The close arrived with March’26 valued a dollar lower at $425.20, ending a neutral day for the charts. March/March’26 was virtually unmoved at $97.15, while the spreads too saw a limited range and the headline March/May’26 closed at $3.20.
| White Sugar No.5 (QW) – ICE Futures Europe Commodities | ||||||||
| Month | Open | High | Low | Sett | Chg | Last | Vol | O/I |
| Mar’26 | 425.30 | 429.70 | 424.40 | 425.20 | -1.00 | 425.50 | 5,767 | 78,749 |
| May’26 | 423.00 | 426.00 | 421.10 | 422.00 | -1.30 | 422.50 | 2,995 | 30,418 |
| Aug’26 | 419.00 | 421.00 | 416.50 | 417.20 | -1.70 | 417.80 | 955 | 16,411 |
| Oct’26 | 418.00 | 418.80 | 415.50 | 416.10 | -1.80 | 416.20 | 130 | 6,634 |
| Dec’26 | 420.40 | 421.70 | 418.50 | 418.90 | -1.80 | 419.00 | 36 | 2,884 |
| Mar’27 | 426.50 | 426.50 | 423.70 | 423.50 | -1.90 | 423.70 | 26 | 2,860 |
| May’27 | – | – | – | 427.00 | -1.80 | 429.60 | 4 | 1,065 |
| Aug’27 | – | – | – | 430.40 | -1.80 | 433.10 | – | 797 |
| Oct’27 | – | – | – | 433.60 | -1.80 | 436.50 | – | 622 |
| Dec’27 | – | – | – | 438.20 | -1.80 | 441.30 | – | 404 |
| Mar’28 | – | – | – | 444.50 | -1.80 | 444.60 | – | 219 |
| May’28 | – | – | – | 448.80 | -1.80 | – | – | 146 |
| Aug’28 | – | – | – | 451.50 | -1.80 | – | – | – |
| Oct’28 | – | – | – | 453.90 | -1.80 | – | – | – |
| Total | 9,913 | 141,209 | ||||||
