Insight Focus
The Oct’25 raw sugar futures expired last week. Since then, the Mar’26 has been strengthening, currently standing at 16.7c/Ib. No CFTC update this week, due to the U.S. federal government shutdown.
New York No.11 Raw Sugar Futures
The October ’25 raw sugar futures contract expired last week at 16.1 c/lb. Since then, prices have been climbing and are currently trading around 16.7 c/lb.
There is no CFTC data release this week due to the US federal government shutdown.
However, with prices at current levels, this is the first meaningful opportunity in weeks for producers to sell into the strength and capture a decent margin.
No.11 Open interest
The No.11 forward curve has strengthened across the entire board.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures, on the other hand, moved in a relatively narrow range last week, opening at USD 462/tonne on Monday, sliding to a mid-week low of USD 451/tonne, and rebounding to close at USD 462/tonne on Friday.
No.5 Open Interest
The No.5 forward curve also lifted across the board.
White Premium (Arbitrage)
Looking over to Sugar’s White Premiums, the H/H white premium has remained steady, and is currently trading around USD 92/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.5 (White Sugar) Appendix
White Premium Appendix
