Insight Focus
The No.11 raw sugar futures remain range-bound. The CFTC data has caught up, showing that end-users have added to their long position. Speculators have further extended their short position.
New York No.11 Raw Sugar Futures
The No.11 raw sugar futures started the week at 14.7c/lb and steadily increased from here onwards, almost hitting 15c/lb mid-week, before eventually closing out at 14.9c/lb on Friday.
The CFTC data has now caught up and reflects the most recent market positions. On the commercial side, end-users of raw sugar have added to their long positions heavily, opening 11.8k lots of long positions. Producers have opened around 4k lots of commercial short positions.
No.11 Commitment of Traders Report (January 6, 2026)
Speculators have reduced their long position by 6.5k lots of longs and have further opened 3.9k lots of shorts.
The net-short position currently stands at -174,950 lots.
No.11 Open interest
The No.11 forward curve has strengthened minimally towards the front of the curve but has weakened from Mar’27.
London No.5 Refined Sugar Futures
Refined sugar futures started the week at USD 421.1/tonne, hitting a high of USD 427.9/tonne on Thursday before closing the week at USD 425.9/tonne.
No.5 Open Interest
The No.5 forward curve has strengthened between Mar’26 to Mar’27 but weakened from here onwards.
White Premium (Arbitrage)
The H/H white premium started the week at USD 96.4/tonne and eventually settled at USD 97.6/tonne on Friday.
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 Commercial Positioning
No.11 Open Interest
No.5 (White Sugar) Appendix
White Premium Appendix
