ICE Futures U.S. Sugar No.11 Contract
Settlement (cUS$/lb) Open High Low Last Volume O/I Life High Life Low
Mar27 18.24 -0.32 ▼ 18.59 18.60 18.13 18.25 83,781 596,669 21.29 14.42
May27 17.71 -0.30 ▼ 18.03 18.04 17.60 17.72 34,608 200,354 20.40 14.29
Jul27 17.37 -0.26 ▼ 17.64 17.64 17.27 17.39 18,774 147,869 19.81 14.27
Oct27 17.38 -0.22 ▼ 17.60 17.61 17.29 17.41 12,457 97,155 19.63 14.45
Mar28 17.78 -0.16 ▼ 17.93 17.93 17.69 17.80 3,946 59,010 19.83 14.97
May28 16.81 -0.13 ▼ 16.93 16.93 16.72 16.82 1,069 25,860 18.77 14.82
Jul28 16.34 -0.10 ▼ 16.43 16.43 16.27 16.35 825 19,622 18.10 14.74
Oct28 16.33 -0.07 ▼ 16.37 16.40 16.27 16.37 773 17,487 17.91 15.01
Mar29 16.78 -0.03 ▼ 16.76 16.83 16.72 16.77 798 7,024 18.19 16.20
May29 16.41 0.00   16.36 16.45 16.35 16.36 488 2,255 17.74 16.02
Jul29 16.22 0.02 ▲ 16.15 16.19 16.15 16.17 74 3,924 17.50 16.15
Oct29 16.27 0.02 ▲ 16.22 16.22 16.22 16.22 1 50 16.30 16.22
Total               157,594 1,177,279    
*Volume includes exchange for physicals.

 

 

ICE U.S. Sugar No.11 – Spreads
Date Spread Date Spread
Mar27 / May27 0.53 Oct27 / Mar28 -0.40
Mar27 / Jul27 0.87 Oct27 / May28 0.57
Mar27 / Oct27 0.86 Mar28 / May28 0.97
Mar27 / Mar28 0.46 Mar28 / Jul28 1.44
May27 / Jul27 0.34 May28 / Jul28 0.47
May27 / Oct27 0.33 May28 / Oct28 0.48
Jul27 / Oct27 -0.01 Jul28 / Oct28 0.01
Jul27 / Mar28 -0.41 Jul28 / Mar29 -0.44

 

No.11 opened at 18.59 and initially edged higher, briefly reaching the session high of 18.60 before selling pressure emerged. Prices then moved steadily lower through the early part of the session, with a few short-lived recovery attempts failing to generate sustained momentum. The decline accelerated later in the morning, although the market managed a partial rebound and traded more unevenly around the middle of the session. Renewed selling subsequently pushed No.11 lower again through the afternoon, eventually taking prices to the session low of 18.13 during the later part of the day. Support emerged around that level, allowing the market to stabilize and begin a gradual recovery. Prices moved progressively higher into the closing stages, though the rebound remained well below the opening area. No.11 finished at 18.24, recovering 11 points from the session low but still leaving the market sharply lower from the open after a session dominated by persistent selling pressure.
 
ICE Europe White Sugar Futures Contract
Settlement (US$/mt) Open High Low Last Volume O/I Life High Life Low
Dec26 502.20 2.30 ▲ 498.40 503.80 495.10 502.20 9,706 18,832 567.70 393.20
Mar27 515.80 -2.40 ▼ 516.00 516.40 509.70 515.60 19,779 66,887 577.40 398.00
May27 515.80 -7.30 ▼ 520.50 520.80 513.30 516.80 9,244 32,188 581.80 401.40
Aug27 512.10 -6.40 ▼ 515.50 516.30 510.00 513.30 3,074 17,738 574.30 404.30
Oct27 507.20 -5.70 ▼ 510.00 510.60 505.00 507.80 1,094 8,424 565.30 408.20
Dec27 504.10 -5.00 ▼ 506.30 507.10 502.10 505.00 291 4,076 558.20 414.30
Mar28 502.70 -4.10 ▼ 502.50 504.70 500.70 503.60 66 895 552.60 421.00
May28 496.20 -2.50 ▼ 496.40 497.60 496.20 497.30 38 897 542.80 426.30
Aug28 488.10 -0.70 ▼ 488.40 489.60 488.20 489.30 29 637 529.90 431.10
Oct28 480.30 -0.10 ▼ 478.00 481.80 478.00 481.50 15 76 520.00 441.70
Dec28 477.60 -40.10 ▼ 518.10 518.10 518.10 518.10 1 7 518.10 468.60
Mar29 479.00 -34.80 ▼ 517.10 517.10 517.10 517.10 1 5 517.10 483.20
May29 476.10 0.00   474.20 474.20 473.60 473.60 3 9 517.50 473.60
Aug29 473.10 —   — — — — — — — —
Total               43,341 150,671    
*Volume includes exchange for physicals.

 

 

ICE Europe White Sugar – Spreads
Date Spread Date Spread
Dec26 / Mar27 -13.60 Mar27 / May27 0.00
Dec26 / May27 -13.60 May27 / Aug27 3.70
Dec26 / Aug27 -9.90 Aug27 / Oct27 4.90
Dec26 / Oct27 -5.00 Oct27 / Dec27 3.10

 

 

White Sugar Premium
Date Premium Date Premium
Mar27 / Mar27 113.68 Jul28 / Aug28 127.87
May27 / May27 125.36 Oct28 / Oct28 120.29
Jul27 / Aug27 129.16 Mar29 / Mar29 109.06
Oct27 / Oct27 124.04 May29 / May29 114.32
Mar28 / Mar28 110.72 Jul29 / Aug29 115.51
May28 / May28 125.60    
*Values calculated basis 6:10 PM.

 

No.5 opened at 498.40 and initially moved higher, with early buying lifting prices before the market reversed and came under pressure through the morning. The decline became increasingly pronounced, eventually driving No.5 to the session low of 495.10. Support emerged at the lower levels and prices rebounded sharply, although the recovery remained volatile with several sizeable swings around midday and into the early afternoon. Another bout of selling later pushed the market back toward the lower end of the range, but the weakness proved short-lived. From there, the tone improved noticeably, with prices recovering steadily through the late afternoon and moving back above the opening level. Buying accelerated into the final part of the session, taking No.5 to the day’s high of 503.80. The market eased briefly from the peak but remained firm into the finish, closing at 502.20 and retaining a solid gain versus the open.
 
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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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