Insight Focus
The No.11 raw sugar futures hit 16c/lb over the past week. Commercial end-users have taken advantage of this and added to their cover. Speculators hold the largest net-short position since sugar entered a bear market at -151,000 lots.
New York No.11 Raw Sugar Futures
Raw sugar futures started the week at 16.3c/lb, drifting below 16.1c/lb from then on before closing higher again at 16.3c/lb on Friday.
On the commercial side, end-users have increased their hedging by 18.8k lots of long positions, taking advantage of prices hitting 16c/lb. by contrast, producers have closed out 11.6k lots of commercial short positions.
No.11 Commitment of Traders Report (August 5, 2025)
Speculators have added heavily to their shorts, increasing their positions by 17.8k lots. They have further reduced their long positions by 8.1k lots of longs.
This brings the speculative net-short position to -151,000 lots. This is the largest net-short position held by speculators so far since sugar entered a bear market.
No.11 Open interest
The No.11 forward curve has strengthened across the board.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures started the week trading at USD 468.8/tonne, as it then traded between USD 462.1-463.6 for the remainder of the week before closing higher on Friday at USD 471.3/tonne.
No.5 Open Interest
The No.5 refined sugar futures curve has strengthened across the board.
White Premium (Arbitrage)
The V/V white premium traded at USD 110.6/tonne on Monday, before moving lower for the rest of the week, trading between USD 108.9/tonne and 109.5/tonne and hitting USD 113.1/tonne by Friday’s close.
For a more detailed view of the sugar futures and market data, please refer to the appendix below.
No.11 (Raw Sugar) Appendix
No.11 Open Interest
No.5 (White Sugar) Appendix
No.5 Spreads
White Premium Appendix
