Today, the No.11 market opened at 14.92, 8 points below the previous day’s settlement. The London market was closed due to the Easter Monday holiday, resulting in a later opening session for No.11, followed by another holiday on Friday. In the first minute, the market showed high volatility driven by demand from previous days, reaching a high of 14.95 and a low of 14.84. The market then moved quickly upward, touching 15.15 on bullish momentum. However, it gradually lost strength throughout the day and struggled to maintain post-opening levels, leading to a reversal. Prices moved lower over the following hours until finding a balance between 14.95 and 15.00, where the market remained until the end of the session. Volume was 50% lower compared to previous days. The May ’26 contract closed at 14.97, down 0.03 cUSD/lb from the previous day’s close. The White premium ended at 105.66, and the SBK6/N6 spread closed at -0.19.
ICE Futures U.S. Sugar No.11 Contract
Settlement (cUS$/lb)
Open
High
Low
Last
Volume
O/I
Life High
Life Low
May26
14.97
-0.03
▼
14.92
15.15
14.84
14.98
35,645
314,738
21.01
13.34
Jul26
15.16
-0.05
▼
15.15
15.34
15.07
15.18
25,587
226,503
20.72
13.34
Oct26
15.57
-0.04
▼
15.56
15.73
15.47
15.59
12,371
155,025
20.67
13.70
Mar27
16.27
-0.02
▼
16.26
16.40
16.16
16.28
8,887
127,134
19.14
14.42
May27
16.04
0.00
15.99
16.14
15.91
16.06
2,334
35,963
17.99
14.29
Jul27
16.01
0.03
▲
15.94
16.04
15.85
16.02
825
24,455
17.76
14.27
Oct27
16.25
0.06
▲
16.15
16.28
16.12
16.25
421
15,230
17.64
14.45
Mar28
16.82
0.08
▲
16.82
16.83
16.77
16.82
336
7,880
17.83
14.97
May28
16.61
0.12
▲
16.53
16.61
16.53
16.61
394
4,480
17.53
14.82
Jul28
16.56
0.14
▲
16.46
16.56
16.46
16.56
220
4,347
17.06
14.74
Oct28
16.76
0.15
▲
16.65
16.70
16.65
16.70
19
2,918
16.97
15.01
Mar29
17.23
—
—
—
—
—
—
—
—
—
Total
87,039
918,673
*Volume includes exchange for physicals.
ICE U.S. Sugar No.11 – Spreads
Date
Spread
Date
Spread
May26 / Jul26
-0.19
Mar27 / May27
0.23
May26 / Oct26
-0.60
Mar27 / Jul27
0.26
May26 / Mar27
-1.30
May27 / Jul27
0.03
May26 / May27
-1.07
May27 / Oct27
-0.21
Jul26 / Oct26
-0.41
Jul27 / Oct27
-0.24
Jul26 / Mar27
-1.11
Jul27 / Mar28
-0.81
Oct26 / Mar27
-0.70
Oct27 / Mar28
-0.57
Oct26 / May27
-0.47
Oct27 / May28
-0.36
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.
