It was another calm start to trading with this week seeing reduced macro volatility, and the early part of the session saw Jul’25 little changed within a narrow band. The only current feature for the market is the technical vulnerability and as the morning progressed so we saw traders probing from the short side to explore down towards 17.55 in the hope of triggering stops / bringing in fresh selling. An early afternoon effort saw this former low broken without any kind of reaction, but while some short covering followed this set off a trend of lower lows and lower highs throughout the afternoon as their continued probing had the desired effect. Across several hours the price quietly descended to 17.40 and in the process pulled May’25 down into the 17.50’s ahead of the option expiry. Jul’25 continued to probe away at the lower end of the range through the final couple of hours, filling in some assorted end user / consumer hedging interest on the way to a session low 17.39 during the last hour. This paved the way for a settlement at 17.41 which will encourage the shorts and potentially draw in additional chart-based selling for the near term while other news / factors remain lacking. May’25 meanwhile saw lows at 17.51 late on and settled at 17.52 as the options expire.
Raw Sugar No.11 (SB) – ICE Futures US Softs
Month
Open
High
Low
Sett
Chg
Last
Vol
O/I
May’25
17.86
17.95
17.51
17.52
-0.35
17.83
68,099
135,464
Jul’25
17.71
17.77
17.39
17.41
-0.28
17.43
78,701
302,641
Oct’25
17.90
17.94
17.57
17.59
-0.27
17.61
25,166
150,450
Mar’26
18.25
18.29
17.96
17.99
-0.26
18.01
17,867
102,641
May’26
17.49
17.51
17.19
17.22
-0.24
17.22
10,370
52,607
Jul’26
17.10
17.13
16.85
16.90
-0.19
16.90
6,701
34,217
Oct’26
17.10
17.13
16.88
16.95
-0.14
16.95
2,940
31,475
Mar’27
17.40
17.45
17.23
17.32
-0.10
17.32
1,340
15,321
May’27
16.98
16.98
16.85
16.93
-0.06
16.93
592
7,223
Jul’27
16.76
16.76
16.67
16.77
-0.03
16.73
359
8,596
Oct’27
16.84
16.84
16.77
16.87
-0.01
16.83
245
5,705
Total
212,380
846,340
White Sugar Update
Though Aug’25 started the day by trading a little firmer it was a muted environment and there appeared little desire to try and break back above the psychological $500 mark and generate more buying. Instead, the stalemate gave way to renewed selling before the morning was through with Aug’25 reaching $495.60 to sit within a dollar of the early March low and heap more pressure onto the market as smaller traders and specs sensed the opportunity to push lower. It was early afternoon before this price level cracked with the resultant selling sending Aug’25 back to $489.60 across the next couple of hours before easing and enabling values to try and hold. The pressure had an impact upon the white premium values with Aug/Jul’25 falling back towards $105.50 intra-day and further adding to the negative sentiment. Volume was steady for Aug’25 as the flat price levelled out in the low $490’s through the rest of the afternoon, though the rest of the board was seeing little and so increasingly the focus turned to the May’25 expiry. Here there was very little volume with only some light spread activity to show for the day, the final position tweaking taking place ahead of a small tender with todays starting OI of 1,826 lots unlikely to change by much. Aug’25 remained within proximity of the lows when the call finally arrived and settled at $490.10 to conclude another negative performance. May’25 has seen 1,393 lots (69,650mt) tendered against the tape this evening. Details of origin are currently limited, with full details available from the exchange tomorrow morning.
White Sugar No.5 (QW) – ICE Futures Europe Commodities
Month
Open
High
Low
Sett
Chg
Last
Vol
O/I
May’25
526.70
526.70
511.10
513.10
-14.30
511.10
231
1,826
Aug’25
499.20
499.80
489.60
490.10
-7.90
491.10
10,217
53,848
Oct’25
492.10
494.10
484.50
484.80
-7.30
485.40
3,024
18,143
Dec’25
491.60
492.40
484.00
484.40
-6.70
485.30
1,350
7,085
Mar’26
493.60
494.30
487.00
487.40
-5.90
487.80
797
5,179
May’26
492.80
492.80
486.60
486.70
-4.90
487.80
145
2,329
Aug’26
488.90
489.40
488.90
485.40
-4.10
489.40
23
1,543
Oct’26
487.50
487.70
487.50
483.80
-3.90
487.70
16
965
Dec’26
486.80
487.20
486.80
483.20
-3.70
487.20
15
856
Mar’27
486.70
486.70
486.60
484.20
-2.30
486.70
18
254
May’27
–
–
–
481.50
-2.40
480.70
13
198
Aug’27
–
–
–
479.50
-2.40
478.60
–
3
Oct’27
–
–
–
480.90
-2.40
486.00
–
60
Dec’27
–
–
–
479.70
-2.40
–
–
–
Total
15,849
92,289
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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