Sugar Futures Positioning and CFTC Update 1st July 2019

• The No.11 speculators have now halved their position in a month without the No.11 breaking out of the range. 
• The commercial short position has not changed significantly in this time, so who has been selling into the Spec buy back?  
• The No.5 market currently holds a record Open Interest of 53.2k lots and a record net short position. 

ICE No.11 Futures Speculative Positioning (values as of 25th June 2019)

ICE No.11 Futures Commerical Positioning (values as of 25th June 2019)

ICE No.11 Futures Open Interest (values as of 25th June 2019)

ICE Futures Europe (No.5) Speculative Positioning (values as of 25th June 2019)

ICE Futures Europe Open Interest (values as of 18th June 2019)