Jul’25 pushed up by around 10 points during early trading but there was little substance to the move and soon values returned to sit neat to overnight levels. For the next few hours the market stagnated with very little interest being shown from either side, giving the impression that many traders have already downed tools ahead of the Easter holiday weekend. It was only once those in the Americas had joined the fray that any fresh interest was generated as some fresh buying helped the market up to new daily highs with the movement seeing Jul’25 reach 17.99 before falling back against the usual day trader liquidation having failed to print an 18c handle. The decline saw it again trade to unchanged and though buying then returned later in the afternoon to ensure the market ended the week in credit some pre-weekend position kept things in check. Spreads were very quiet now that the fund roll is behind us with May/Jul’25 holding a narrow 0.10/0.14 point range, while Jul/Oct’25 sat unchanged at -0.14 points ahead of the close where Jul’25 settled at 17.81. Trading resumes with a delayed opening at 7:30am NY / 12:30pm UK on Monday.
Raw Sugar No.11 (SB) – ICE Futures US Softs
Month
Open
High
Low
Sett
Chg
Last
Vol
O/I
May’25
17.90
17.99
17.82
17.93
0.07
17.83
22,743
102,381
Jul’25
17.78
17.89
17.70
17.81
0.09
17.73
42,053
317,765
Oct’25
17.91
18.02
17.85
17.93
0.07
17.87
13,617
153,456
Mar’26
18.27
18.38
18.23
18.30
0.07
18.23
10,100
105,593
May’26
17.45
17.51
17.38
17.43
0.03
17.39
5,369
52,738
Jul’26
17.08
17.12
16.99
17.04
0.01
17.02
3,617
35,081
Oct’26
17.13
17.13
16.98
17.04
–
17.05
1,072
31,682
Mar’27
17.42
17.46
17.31
17.38
-0.01
17.38
577
15,539
May’27
17.01
17.05
16.87
16.95
-0.02
16.98
636
7,281
Jul’27
16.86
16.87
16.70
16.76
-0.02
16.67
388
8,752
Oct’27
17.05
17.05
16.81
16.84
-0.03
16.81
72
5,803
Total
100,244
836,071
White Sugar Update
Aug’25 printed up to $500.00 on the opening as it followed the firmer No.11 start, however it was short lived and once prices fell away the rest of the morning was spent drifting along either side of last nights $497.30 mark. We were into the afternoon before there was any change to this picture, with some light buying arriving from spec traders taking the market through the early high to $501.40 before then falling back when no other interest arrived to continue the movement. The level of disinterest amongst even the smaller traders was obvious with the forthcoming 4-day holiday weekend clearly bringing even more of a risk off approach than we have seen recently, leaving the market to drift quietly within established parameters. Nearby spreads were unchanged, and it was a similar situation for the white premium with Aug/Jul’25 sitting at $106.75 during the final hour. Aug’25 was holding near to $500 until the final stages however some pre-weekend position closing sent the price back on the call to settle at $498.90 and limit the gains ahead of a welcome 4-day break until Trading resumes on Tuesday.
White Sugar No.5 (QW) – ICE Futures Europe Commodities
Month
Open
High
Low
Sett
Chg
Last
Vol
O/I
Aug’25
500.00
501.40
496.10
498.90
1.60
498.60
5,739
55,253
Oct’25
493.20
493.80
490.00
492.20
1.60
491.90
2,428
18,048
Dec’25
490.80
491.90
488.80
490.60
1.70
490.00
1,286
7,169
Mar’26
493.00
494.60
491.20
492.90
1.50
492.10
262
5,519
May’26
490.90
492.80
489.80
490.70
0.40
489.80
80
2,387
Aug’26
489.50
490.50
487.30
488.00
-0.20
487.30
35
1,675
Oct’26
–
–
–
485.10
-0.60
485.70
–
985
Dec’26
–
–
–
484.50
-0.60
482.70
–
854
Mar’27
–
–
–
485.00
-0.60
484.00
–
299
May’27
–
–
–
482.40
-0.60
481.50
–
210
Aug’27
–
–
–
480.40
-0.60
478.60
–
3
Oct’27
–
–
–
481.80
-0.60
486.00
–
60
Dec’27
–
–
–
480.60
-0.60
–
–
–
Mar’28
–
–
–
479.90
-0.60
–
–
–
Total
9,830
92,462
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.
Insight Focus Importers of carbon-intensive materials to the EU will p...
We Use Cookies
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
