Raw Sugar Update
The market continued to play a range this morning with May’26 centred around overnight levels initially before edging its way up to 13.84. There remains very limited interest in the macro movements which have seen crude values push ahead into the $80’s, and volumes were again emphasising a reluctance from many traders to add risk in an uncertain global environment. Ahead of noon there was a further push to 13.93 with the macro generating some fresh interest, though 14.00 proved elusive and the market pulled back a touch ahead of the US morning. By 2pm, there was significant buying interest mostly driven by macro scenario, seeing all commodities rallying. Market reached 14.16 at that point. From 3 to 4pm market saw smaller volumes and sideways trading, with buying interest resumed at the next hour. Steady flows brought market to its highs at 5h45 pm, touching 14.26. Heading into closing market saw some liquidation, finishing the last trade at 14.17. Settlement price was 14. 10, a 38pts movement vs last settlement. K6/N6 spread weakened 2 points closing at -0.09. Volume traded was 90.7k lots.
| Raw Sugar No.11 (SB) – ICE Futures US Softs | ||||||||
| Month | Open | High | Low | Sett | Chg | Last | Vol | O/I |
| May’26 | 13.74 | 14.17 | 13.69 | 14.10 | 0.38 | 14.09 | 97,386 | 503,324 |
| Jul’26 | 13.83 | 14.26 | 13.75 | 14.19 | 0.40 | 14.17 | 59,422 | 210,120 |
| Oct’26 | 14.18 | 14.60 | 14.12 | 14.54 | 0.38 | 14.52 | 33,936 | 152,574 |
| Mar’27 | 14.90 | 15.27 | 14.80 | 15.20 | 0.34 | 15.18 | 18,937 | 123,184 |
| May’27 | 14.70 | 15.10 | 14.64 | 15.02 | 0.33 | 15.03 | 4,933 | 31,252 |
| Jul’27 | 14.72 | 15.11 | 14.67 | 15.04 | 0.32 | 15.04 | 2,153 | 20,219 |
| Oct’27 | 15.03 | 15.42 | 15.03 | 15.34 | 0.30 | 15.35 | 428 | 14,914 |
| Mar’28 | 15.71 | 16.00 | 15.71 | 15.96 | 0.28 | 16.00 | 351 | 6,158 |
| May’28 | 15.61 | 15.65 | 15.59 | 15.79 | 0.26 | 15.59 | 231 | 3,276 |
| Jul’28 | 15.61 | 15.64 | 15.61 | 15.77 | 0.24 | 15.63 | 209 | 3,826 |
| Oct’28 | 15.83 | 15.83 | 15.83 | 15.99 | 0.24 | 15.83 | 11 | 1,772 |
| Total | 217,997 | 1,070,619 | ||||||
White Sugar Update
May’26 nudged down to $405.60 during early trading before moving back to a small credit, but while some moderate flow was being seen on the screen it was all contained within recent parameters. Mid-morning saw the price reach $409.30 with another wave of buying then extending the gains to $411.10 before some profit taking arrived. At 2 pm, increasing macro pressures gave incentives to the full commodities spectrum and May’26 so a rise to 415.25. Correction followed back to $413 and from that time until settlement market saw steady buying volumes. Daily high was reached at 5h48pm with market trading at $416.8 and some correction was seen into settlement, with market closing at $414.3. Settlement price was $414, up $8 move from yesterday’s settlement. Volume traded was 13.8k lots
| White Sugar No.5 (QW) – ICE Futures Europe Commodities | ||||||||
| Month | Open | High | Low | Sett | Chg | Last | Vol | O/I |
| May’26 | 407.30 | 416.80 | 405.60 | 414.50 | 8.00 | 414.30 | 14,005 | 77,477 |
| Aug’26 | 406.20 | 417.00 | 404.30 | 415.40 | 10.20 | 415.40 | 9,941 | 39,201 |
| Oct’26 | 406.00 | 416.60 | 404.30 | 415.40 | 10.30 | 415.40 | 3,429 | 15,779 |
| Dec’26 | 407.60 | 417.90 | 406.40 | 416.80 | 10.00 | 416.70 | 622 | 7,015 |
| Mar’27 | 411.90 | 421.70 | 410.80 | 420.40 | 9.20 | 420.20 | 215 | 8,433 |
| May’27 | 411.60 | 422.00 | 411.60 | 420.80 | 8.60 | 422.00 | 46 | 2,857 |
| Aug’27 | 420.90 | 420.90 | 420.90 | 420.70 | 8.10 | 420.90 | 11 | 2,562 |
| Oct’27 | – | – | – | 423.00 | 7.90 | 415.00 | – | 1,243 |
| Dec’27 | – | – | – | 428.40 | 7.80 | 420.20 | – | 684 |
| Mar’28 | – | – | – | 434.90 | 7.80 | 431.10 | – | 508 |
| May’28 | – | – | – | 440.10 | 7.80 | 435.50 | – | 406 |
| Aug’28 | – | – | – | 444.30 | 7.80 | – | – | 147 |
| Oct’28 | – | – | – | 447.80 | 7.80 | – | – | 9 |
| Dec’28 | – | – | – | 451.00 | 7.80 | – | – | – |
| Total | 28,269 | 156,321 | ||||||
