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 | ||||||