Insight Focus
The No.11 raw sugar futures traded below 15c/lb last week. Speculators have added to their short positions. Soybean prices rallied last month, supported by a combination of strong Chinese import demand and growing concerns over hot, dry weather across key US growing regions.
New York No.11 Raw Sugar Futures
The No.11 raw sugar futures traded lower last week, starting at 14.8c/lb on Monday, hitting a low of 14.4c/lb on Thursday before eventually settling higher at 14.8c/lb on Friday.
On the commercial side, end-users have added 14.6k lots of long positions and producers extended their position by 9k lots of shorts.
No.11 Commitment of Traders Report (July 14, 2026)
Speculators have added 9.6k lots of short positions and closed out 1.2k lots of long positions.
The current speculative net short position stands at -68,296 lots.
No.11 & No.5 Open interest
The No.11 forward futures curve has flattened across the board, whereas the No.5 forward futures curve has strengthened across all contracts.
White Premium (Arbitrage)
The V/V white premium started the week at USD 132.6/tonne and moved higher throughout the week, settling at USD 143/tonne on Friday.
Soybean Futures
Soybean prices have rallied around 9% over the past month, with the front-month contract trading near 1,224 c/bushel, supported by a combination of strong Chinese import demand and growing concerns over hot, dry weather across key US growing regions.
A series of large Chinese purchases, including fresh USDA reported sales announced today, has boosted confidence in export demand following improving US-China trade relations, while heat stress across parts of the Midwest and Northern Plains has raised concerns about crop development and potential yield losses.
Providing some balance to the bullish story, Brazil has just completed a record 2025-26 soybean harvest of 180.57 million tonnes, and investments in export infrastructure, including a new rail route to the port of Itaqui, should help keep global supplies well supplied. There is, however, some uncertainty further ahead, as disruption to fertiliser flows during the Strait of Hormuz tensions may affect input availability and costs ahead of Brazil’s next planting season.
Elsewhere in the soy complex, soybean oil rose to a six-week high on July 17, supported by strength in energy markets.
Looking ahead, the market’s focus will remain firmly on the pace of Chinese buying and US weather conditions as soybeans move through the critical pod-setting stage. Attention will also gradually shift towards Brazilian planting decisions for the 2026-27 crop as the October-November planting window approaches
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
