Raw Sugar Update
A strong session saw May’25 recover early Friday losses with gains across the session. Initial trading remained quiet, hovering just under 19.00c, but this gave way to a wave of buying interest mid-morning, pushing No.11 May’25 into the 19.10s on increased volume. A brief pause in momentum followed as the market digested the move, but prices soon resumed their climb near 4 pm when bigger buying volumes led market to break into intraday highs near 19.35s. A correction followed half an hour before close, but momentum was soon resumed and market saw a spike in buying, likely a mix of short covering and speculative momentum taking May’25 right up to 19.40s daily high, settling at 19.35 (+0.4c move), posting one of the stronger closes in recent sessions. Volume traded was 49k lots. May/Jul’25 spreads light moves holding relatively flat, suggesting the strength was concentrated in outright buying rather than structural shifts. Though the close is promising, the move still fits within the now well-established 18.50 – 20c band, and a clearer breakout in either direction is still needed to define the next leg. For now, bulls will be pleased with the show of strength and improved tone to start the month.
| Raw Sugar No.11 (SB) – ICE Futures US Softs |
| Month | Open | High | Low | Sett | Chg | Last | Vol | O/I |
| May’25 | 18.89 | 19.40 | 18.85 | 19.35 | 0.49 | 19.36 | 50,786 | 275,450 |
| Jul’25 | 18.69 | 19.17 | 18.65 | 19.13 | 0.48 | 19.13 | 43,829 | 218,565 |
| Oct’25 | 18.88 | 19.35 | 18.83 | 19.31 | 0.48 | 19.32 | 33,598 | 148,257 |
| Mar’26 | 19.22 | 19.73 | 19.20 | 19.67 | 0.47 | 19.67 | 21,997 | 99,768 |
| May’26 | 18.35 | 18.78 | 18.31 | 18.74 | 0.44 | 18.74 | 7,842 | 50,377 |
| Jul’26 | 17.82 | 18.22 | 17.78 | 18.18 | 0.41 | 18.16 | 4,190 | 33,413 |
| Oct’26 | 17.69 | 18.09 | 17.69 | 18.05 | 0.37 | 18.02 | 1,982 | 30,529 |
| Mar’27 | 17.96 | 18.30 | 17.95 | 18.27 | 0.35 | 18.25 | 671 | 14,576 |
| May’27 | 17.43 | 17.72 | 17.43 | 17.72 | 0.33 | 17.72 | 341 | 7,115 |
| Jul’27 | 17.21 | 17.44 | 17.21 | 17.44 | 0.30 | 17.44 | 260 | 8,509 |
| Oct’27 | 17.26 | 17.45 | 17.26 | 17.47 | 0.29 | 17.45 | 93 | 5,385 |
| Total | 165,589 | 891,944 |
White Sugar Update
A strong session for May’25 saw the contract shake the early weakness and close near the top of the day’s range, with steady gains across the morning giving way to a more decisive rally into the early afternoon. After opening at $536.6 prices recovered quickly and began to grind higher on light, but consistent, buying interest. Momentum reduced through the day until 4pm when May’25 saw higher volumes and went over $547.40 as day’s high. Still, the upward trajectory remained largely intact into the final minutes of the session, and while there were a couple of failed attempts to push meaningfully above the high, settling at $545.9 (+$11). Activity looks to remain driven by shorter-term positioning for now, but the firmness in today’s action will be welcomed by bulls hoping to build on this base heading into midweek.
| White Sugar No.5 (QW) – ICE Futures Europe Commodities |
| Month | Open | High | Low | Sett | Chg | Last | Vol | O/I |
| May’25 | 536.60 | 547.40 | 535.90 | 545.90 | 11.00 | 546.80 | 12,438 | 27,074 |
| Aug’25 | 526.40 | 537.70 | 524.70 | 536.50 | 12.10 | 537.30 | 12,148 | 42,176 |
| Oct’25 | 521.50 | 532.70 | 520.30 | 531.70 | 11.70 | 531.80 | 2,266 | 16,594 |
| Dec’25 | 517.50 | 529.30 | 517.50 | 528.80 | 11.70 | 528.70 | 575 | 5,145 |
| Mar’26 | 516.70 | 527.60 | 516.70 | 527.40 | 11.70 | 527.40 | 290 | 4,612 |
| May’26 | 515.00 | 519.60 | 515.00 | 522.00 | 10.90 | 519.30 | 10 | 2,219 |
| Aug’26 | – | – | – | 515.90 | 9.80 | 505.50 | – | 1,462 |
| Oct’26 | – | – | – | 510.20 | 9.60 | 499.90 | – | 927 |
| Dec’26 | – | – | – | 507.00 | 9.00 | 498.30 | – | 803 |
| Mar’27 | – | – | – | 505.70 | 9.00 | 506.40 | – | 243 |
| May’27 | – | – | – | 503.30 | 9.00 | – | – | 185 |
| Aug’27 | – | – | – | 499.60 | 9.00 | – | – | – |
| Oct’27 | – | – | – | 498.90 | 9.00 | – | – | – |
| Dec’27 | – | – | – | 497.70 | 9.00 | – | – | – |
| Total | 27,727 | 101,440 |
