Raw Sugar Update 

The No.11 market opened at 14.88 and initially pushed higher, testing resistance near 15.02 during the early session as light short-covering and residual momentum from the previous close supported prices. However, the market failed to sustain those gains, encountering selling pressure once it approached the 15.00 level, suggesting that nearby resistance remains firm. Through mid-session, trading turned more two-sided, with prices drifting gradually lower as sentiment softened alongside broader commodity weakness and muted speculative participation. The decline extended into the afternoon, reaching a session low of 14.73 before stabilizing as some buying interest re-emerged near the lower end of the range. The market eventually recovered modestly to close at 14.82, just below the open, marking a mildly lower day overall. Despite intraday volatility, the session reflected a consolidative tone, with upside momentum capped and the market maintaining a cautious, range-bound profile ahead of fresh catalysts.

Raw Sugar No.11 (SB) – ICE Futures US Softs
Month Open High Low Sett Chg Last Vol O/I
Mar’26 14.88 15.02 14.73 14.80 -0.08 14.82 50,611 459,231
May’26 14.42 14.57 14.32 14.38 -0.04 14.41 15,961 197,597
Jul’26 14.41 14.54 14.30 14.37 -0.03 14.40 9,286 103,670
Oct’26 14.71 14.84 14.62 14.69 -0.03 14.71 4,075 73,820
Mar’27 15.37 15.50 15.30 15.36 -0.03 15.38 1,627 48,985
May’27 15.19 15.31 15.14 15.20 -0.02 15.21 472 20,614
Jul’27 15.17 15.29 15.14 15.19 -0.03 15.14 248 15,098
Oct’27 15.39 15.50 15.39 15.43 -0.03 15.42 96 14,670
Mar’28 15.97 16.09 15.95 16.00 -0.02 15.95 86 4,957
May’28 15.80 15.80 15.80 15.84 -0.02 15.80 60 2,485
Jul’28 15.79 15.79 15.79 15.82 -0.02 15.79 58 2,298
                 
Total             82,580 943,425

White Sugar Update 

The No.5 market opened at 425.50, initially showing a firm tone as prices pushed higher through the morning to reach a session high of 430.30, marking the upper end of the day’s range. Momentum stalled soon afterward, and the market gradually softened across the early afternoon as selling pressure emerged and intraday sentiment turned defensive. Prices continued to ease into mid-session, eventually reaching a low of 423.50, where some value-based buying and short-term support began to appear. This helped stabilize the structure, and the market staged a moderate recovery into the late session. By the close, No.5 had retraced a portion of the earlier losses to finish at 425.70, only slightly above the open and broadly unchanged on the day. The close reflects a market that tested both ends of the intraday range, brief early strength followed by persistent weakness, before settling back toward equilibrium. 

White Sugar No.5 (QW) – ICE Futures Europe Commodities
Month Open High Low Sett Chg Last Vol O/I
Mar’26 425.50 430.30 423.50 425.60 0.40 425.70 5,403 78,244
May’26 422.00 426.70 421.00 422.70 0.70 423.00 2,369 30,542
Aug’26 417.10 421.80 416.70 418.20 1.00 418.60 782 16,542
Oct’26 417.70 420.20 415.90 417.20 1.10 417.70 241 6,650
Dec’26 421.60 422.50 418.70 420.00 1.10 419.70 34 2,871
Mar’27 425.80 426.70 423.10 424.30 0.80 424.00 9 2,839
May’27          –              –              –   427.80 0.80 429.60            –   1,069
Aug’27          –              –              –   431.20 0.80 433.10            –   797
Oct’27          –              –              –   434.40 0.80 436.50            –   622
Dec’27          –              –              –   439.00 0.80 441.30            –   404
Mar’28          –              –              –   445.30 0.80 444.60            –   219
May’28          –              –              –   449.60 0.80            –   146
Aug’28          –              –              –   452.30 0.80            –                 –  
Oct’28          –              –              –   454.70 0.80            –                 –  
Total             8,838 140,945

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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