Insight Focus
The No.11 raw sugar futures continued trading sideways last week. Producers and speculators both sold heavily into the New Year index reweighting. The no.11 forward futures curve has flattened across the board.
New York No.11 Raw Sugar Futures
The No.11 raw sugar futures traded sideways last week, hitting a low of 14.6c/lb on Thursday and eventually closing out the week at just under 15c/lb.
On the commercial side, producers have increased their shorts by 12.8k lots, showing that some producers are now willing to hedge at 15c/lb as producer activity has been subdued for months. End-users have closed out just 566 lots of long positions.
No.11 Commitment of Traders Report (January 13, 2026)
Speculators have reduced their long positions by 12.5k lots of longs and further increased their short positions by 2.7k lots.
The net-short position now stands at -190,210.
No.11 Open interest
The No.11 forward curve has flattened across the entire board.
London No.5 Refined Sugar Futures
Refined sugar futures started the week at USD 423.4/tonne and hit a low of USD 418.2/tonne on Thursday as it then settled higher at USD 428.4/tonne on Friday.
No.5 Open Interest
The No.5 forward curve has strengthened between Mar’26 to Mar’27 and has flattened from there on.
White Premium (Arbitrage)
The H/H white premium continued trading between USD 96-98/tonne, reaching a high of USD 99/tonne on and closing at USD 98.6/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 Open Interest
No.5 (White Sugar) Appendix
White Premium Appendix
