Insight Focus
The No.11 raw sugar futures briefly traded above 15c/lb last week. Speculators have closed out both their long and short positions. Soybean futures are up 2% on the week supported by renewed optimism after a major US China trade agreement.
New York No.11 Raw Sugar Futures
The No.11 raw sugar futures started the week at 14.9c/lb and hit hights of 15.4c/lb on Wednesday before it eventually closed at 14.8c/lb on Friday.
Both producers and end-users have extended their positions minimally by 1.4k lots of shorts and 310 lots of longs respectively.
No.11 Commitment of Traders Report (May 12, 2026)
Speculators have closed out their long positions by 15.9k lots of longs and further reduced their short position by 10.2k lots of shorts.
The net-speculative position currently stands at -92,990 lots.
No.11 & No.5 Open interest
The No.11 forward futures curve and the No.5 forward futures curve have both mostly flattened across the board.
White Premium (Arbitrage)
The Q/N white premium hit a high of USD 116.3/tonne on Wednesday but eventually settled lower at USD 112.2/tonne on Friday.
Soybean Futures
Soybean futures are trading around 1,202c/bushel today, up about 2% on the week, supported by renewed optimism after a major US China trade agreement.
Over the weekend, the US announced that China has committed to buying at least USD 17 billion of American agricultural goods annually through 2028. This comes on top of a prior deal to purchase 87 million tonnes of US soybeans over three years, which has lifted expectations for stronger export demand and pushed prices higher.
The market mood has shifted quickly. Just last Thursday, soybeans fell nearly 3% after initial talks in Beijing failed to deliver concrete agricultural commitments, so the latest rally marks a clear reversal in sentiment. That said, some caution remains. There are concerns that the USD 17 billion annual target may not be large enough to materially improve farm economics, and details on which products are included remain limited.
On the supply side, Brazil continues to provide a counterweight, with its 2025/26 grain harvest forecast raised to a record 358 million tonnes, any disappointment in Chinese buying could cap further upside in prices.
For a more detailed view of the sugar futures and market data, please refer to the appendix below.
No.11 (Raw Sugar) Appendix
No.5 (White Sugar) Appendix
White Premium Appendix
