Daily Market Price Updates and Commentary 8th July 2025

Raw Sugar Update

Early losses were gathered up and the market traded to the smallest of net gains within an hour though volumes were thin from both directions and things soon settled down to sit within the early parameters. The delayed COT report had shown another expected increase in the size of the net fund short, this time to stand at -132,977 lots, a number which may start to detract for the size in which the funds/specs are prepared to sell the market and lead to a more circumspect assessment of opportunity moving ahead. It did not detract from sellers looking to test lower as we moved into early afternoon, though the nature of the shorts became clear as it was followed by a sharp rally to 16.37 which matched the morning high. With few resting orders the market continued to swing around the range through the afternoon as small traders tried their luck, and it was only during the final hour that we calmed down having found our way to session lows. While volumes remained moderate, the emphasis returned to the short side to achieve as low a settlement value as possible, and the spec efforts were rewarded when Oct’25 closed just 0.03 points above the lows at 16.13. Spreads saw limited change with Oct’25/March’26 going out at -0.70 points, and despite finishing negative the flat price remains some distance from last weeks 15.44 mark and so may well see more rangebound activity.  

White Sugar Update

The first hour of trading saw Aug’25 chop about between $466.40 and $470.80, struggling to find any direction on the against the usual array of small trader movement and relevant physical pricing. For many weeks, the downside has been the easier direction in which to push the market and with no traction being achieved this again became the side from which to explore with the late morning/early afternoon seeing the price slip with a low of $463.80. Movement remained fickle however and short covering had Oct’25 flying back up to overnight levels before once more slipping down the range. After a few wobbly days there was a firmer showing for Aug/Oct’25 as it traded back above $10 intra-day, with rolling volume again proving sizable and totaling more than 5,000 lots by the end of the afternoon. White premium values were solid with nearby prompts showing little change despite the market trading lower, the see-saw activity through the afternoon concluding with Oct’25 near top the lows ahead of the close. The call saw some defensive buying which ensured a settlement at $466.00, lower but not excessively so and leaving parameters unchanged into tomorrow after an inside chart day.