Insight Focus
Raw sugar futures traded below 17c/lb over the past week. Speculators have opened a significant number of short positions. Both the No.11 raw sugar futures curve and No.5 refined sugar futures curve have continued to weaken.
New York No.11 Raw Sugar Futures
The raw sugar futures moved below 17c/lb over the past week, starting at 16.9c/lb on Monday and closing at 16.49c/lb on Friday.
Consumers have heavily added to their long positions, taking advantage of the lower price movement to hedge 15.4k lots. By contrast producers have continued to close their positions as they have reduced their shorts by 5.7k lots.
No.11 Commitment of Traders Report (June 3, 2025)
Speculators have added to their short position significantly, opening 22.8k lots of short positions, while also adding to their long position by 3.5k lots.
The net speculative position has increased to -80.8k lots. This is the highest net short position since March.
No.11 Open interest
The No. 11 forward curve has continued weakening across the board.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures traded above USD 470/tonne at the start of the week as it then moved lower trading between USD 463.3-468/tonne for the remainder of the week.
No.5 Open Interest
Like the No.11 raw sugar futures curve, the No.5 refined sugar futures curve has also weakened across the board.
White Premium (Arbitrage)
The Q/N white premium traded between USD 98-101.7/tonne over the past week.
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
