Daily Market Price Updates and Commentary 5th February 2026

Raw Sugar Update 

There was early weakness for March’26 as yesterday’s unconvincing showing drew some fresh selling, and the price slipped to 14.23 with little more than 30 minutes of trading having elapsed. Some respite followed with trading returning to the 14.30 area, however the failure to recover any further was casting a shadow over proceedings and leaving the recent 14.13 low mark firmly in focus. Little changed for a few hours, and we were into the afternoon before specs reapplied pressure and extended the days range down to 14.20, where some better buying quantities placed ahead of the first 14.12 support mark prevented additional losses from being incurred. As the afternoon further developed the market did not and instead a prolonged period was spent holding within the 14.20’s, buyers unwilling to pay up and potential sellers refusing to admit defeat and complete their hedges at these low prices. Spreads too were orderly with March/May’26 sitting in the 0.40-point area against a solid roll volume, with the picture for this and the outright only showing a modicum of change through the final hour. March’26 nudged up to 14.33 before being pushed back slightly on the close, while the spread reached highs at 0.45 points as shorts showed more aggression with rolling. March’26 ended the day at 14.27 and so posted another double-digit loss that leaves underlying support still in view for tomorrow. 

White Sugar Update

May’26 showed immediate vulnerability as the intra-day chart gapped down on the opening and continued to $412.90 through the early stages. This movement did not bring additional selling through however and instead the rest of the morning was spent holding calmly within the early range, with limited flat price interest meaning that the bulk of activity centred around the continuing March’26 spread roll. Here the March/May’26 was seeing its own tight band either side of -$6.00 on solid volume as it looked to dig in following recent losses, though the lows at -$6.50 still represented a new bottom for this spread across its lifetime. Flat price interest only picked up during the afternoon as additional spec led pressure sent May’26 down to $411.70, though interestingly there was no appetite to try and test the recent lows despite there being only modest underlying buying in place. Trading continued at the lower end for the rest of the session, and aside from a brief pop up to $414.60 there was nothing to interest the bulls. MOC selling left May’26 settling at $413.10, while March/May’26 held on to a modest gain and settled at -$5.20. White premiums were flat throughout the day and closed showing little change, with March/March’26 valued at $93.30 and May/May’26 remaining at $108.00.