Insight Focus
The No.11 raw sugar futures continued moving sideways over the past week. Producers have increased their hedging. Both the No.11 raw sugar futures and No.5 refined sugar futures curves have weakened across the board.
New York No.11 Raw Sugar Futures
Raw sugar futures opened the week at 16.40c/lb, climbed to a high of 16.60 c/lb on Tuesday, and then drifted lower through the week to settle at 16.20c/lb on Friday.
On the commercial side, producers were the more active participants, increasing their short positions by 5,500 lots of shorts. In contrast, end-users of raw sugar reduced their long position by 1,700 lots of longs.
No.11 Commitment of Traders Report (July 29, 2025)
Speculators have added to their long positions by 2,400 lots of longs. At the same time, they have reduced their short position by just 709 lots of shorts.
The speculative net short position now stands at -125,081 lots.
No.11 Open interest
The No.11 forward curve has weakened across the board.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures traded near USD 475/tonne at the start of the week, slipped below USD 470/tonne midweek, and settled at USD 465/tonne by Friday’s close.
No.5 Open Interest
The No.5 refined sugar futures curve has weakened across the board.
White Premium (Arbitrage)
The V/V white premium traded at USD 112.6/tonne on Monday, before moving lower for the rest of the week, trading between USD 107.3 and 109.6/tonne.
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
