Sugar #11 Mar ’22 

Recent days have seen the market retreating back into a very narrow range and today’s lower opening offered nothing to suggest that this would change. Once the initial volume had dried up with any overnight hedging concluded volume fell away considerably and we were left to hold a narrow range in the 19.40’s for the entirety of the morning. The start of the US day brought a modicum of selling into the mix leading prices to extend down to 19.33 however such was the disinterest that no momentum was gained and we soon edged back up a touch to hold the lower end of the narrow range. Macro guidance has been key of late in any small moves and with nothing from this sector either today we remained entrenched for the duration, the only small movements coming for the spreads with March/May’22 narrowing to 0.21 points. Heading out there was no fanfare and March’22 settled at 19.38.

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ICE Futures U.S. Sugar No.11 Contract

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ICE Europe Whites Sugar Futures Contract

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Jon Whybrow

Jon joined CZ in 1991, working in the Treasury department before moving to join the derivatives team in 1994. Over 30 years Jon has built up significant experience across derivatives markets and products, particularly sugar, and is now Head of Flow derivatives providing market execution services for CZ’s global client base. He is responsible for the market commentaries which are published each day on CZ app.

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