White Sugar Update
With No.11 closed for the Thanksgiving Holiday the whites emerged without any influence on the opening call. Initial trades were near to unchanged, but they were fleeting as buying emerged to continue yesterday’s recovery and take prices into credit with Oct’25 trading to $476.00. This air of stability was maintained through the morning and additional buying saw the price increase to $477.70, with most of this gain maintained through noon against modest volume with an absence of grower pricing orders meaning that little resistance was being felt. Around half of the volume was being generated from the Aug/Oct’25 spread, where the shorts dominated the flow and sent the differential back to $6.40 untra-day, but that did not hinder Oct’25 which extended again to $479.40 during the early afternoon. Selling then followed in (maybe questioning the ability of No.11 to match the higher call) with long liquidation triggered on the way down then sending Oct’25 all the way back to $468.00 and removing all the earlier gloss. That did not deter buyers from returning with one more push to ensure that the day ended in positive ground, though gains were tempered and Oct’25 settled a couple of dollars higher at $473.70.
| White Sugar No.5 (QW) – ICE Futures Europe Commodities |
| Month | Open | High | Low | Sett | Chg | Last | Vol | O/I |
| Aug’25 | 480.50 | 488.00 | 474.80 | 480.80 | -0.70 | 480.20 | 6,727 | 23,635 |
| Oct’25 | 471.20 | 479.40 | 468.00 | 473.70 | 2.80 | 472.80 | 7,869 | 51,519 |
| Dec’25 | 458.70 | 468.90 | 458.70 | 463.20 | 3.60 | 462.10 | 1,953 | 20,616 |
| Mar’26 | 463.40 | 473.80 | 463.40 | 468.70 | 3.80 | 467.70 | 811 | 15,236 |
| May’26 | 468.90 | 477.40 | 468.80 | 472.40 | 3.10 | 471.70 | 474 | 5,432 |
| Aug’26 | 475.60 | 479.00 | 472.70 | 474.30 | 2.20 | 474.90 | 179 | 4,036 |
| Oct’26 | 479.10 | 481.20 | 476.50 | 477.10 | 1.90 | 476.50 | 56 | 2,421 |
| Dec’26 | 484.10 | 485.70 | 480.50 | 481.20 | 1.50 | 480.50 | 27 | 1,771 |
| Mar’27 | 487.70 | 487.70 | 487.50 | 487.40 | 1.30 | 487.50 | 4 | 729 |
| May’27 | 489.80 | 489.80 | 489.30 | 489.40 | 0.90 | 489.40 | 4 | 205 |
| Aug’27 | 490.50 | 491.50 | 490.50 | 490.40 | -0.40 | 491.50 | 3 | 57 |
| Oct’27 | 491.00 | 491.00 | 490.50 | 490.50 | -0.90 | 490.50 | 7 | 78 |
| Dec’27 | – | – | – | 489.30 | -0.90 | – | – | – |
| Mar’28 | – | – | – | 488.60 | -0.90 | – | – | – |
| Total | 18,114 | 125,735 |
