Raw Sugar Updates

Recent sessions have seen Jul’25 struggle to pull clear of the 18c area, and while early buying left the market situated positively with a marginal new weekly high at 18.07 there was insufficient buying to push values any further. Instead, we saw another few hours of sideways inactivity within a tight band, holding the market until the afternoon to see what the busier part of the day brought once the wider spec world became active. The wider macro was proving to be mixed with commodities showing as a mixed bag, and while equities were enjoying some respite from their recent turmoil there was insufficient outside influence to take sugar from the current parameters in which it has found itself stuck. The afternoon did bring some selling which forced Jul’25 back down the range to 17.73, however with only smaller specs driving the movements it proved to be irrelevant still to wider market direction. Position covering later in the afternoon led to further apathy ahead of the close, all of which resulted in a close at 17.88, a moderate loss with which to end another slow session.

Raw Sugar No.11 (SB) – ICE Futures US Softs
Month Open High Low Sett Chg Last Vol O/I
May’25 17,99 18,10 17,82 17,94 -0,05 17,94 28.411 83.488
Jul’25 17,96 18,07 17,73 17,88 -0,08 17,90 51.703 323.888
Oct’25 18,08 18,20 17,90 18,03 -0,08 18,04 18.999 156.419
Mar’26 18,48 18,57 18,31 18,41 -0,08 18,42 13.991 107.992
May’26 17,68 17,75 17,53 17,63 -0,05 17,65 4.883 52.802
Jul’26 17,27 17,37 17,17 17,28 -0,02 17,30 3.082 35.325
Oct’26 17,27 17,36 17,16 17,30 0,02 17,33 1.856 32.136
Mar’27 17,65 17,67 17,52 17,64 0,04 17,66 647 15.725
May’27 17,22 17,25 17,11 17,21 0,05 17,20 301 7.296
Jul’27 17,02 17,02 16,94 17,02 0,06 17,00 290 8.917
Oct’27 17,04 17,04 17,01 17,09 0,05 17,02 150 5.825
                 
Total             124.313 829.813

White Sugar Updates

The session started more positively with Aug’25 trading up beyond $508.00, but while values remained firm through the early stages the market did not make it beyond $508.70 before easing back to sit at unchanged as noon approached. The continuing quiet conditions do not make for much excitement and so having failed to build higher the market started to edge back downwards during the early afternoon with trades beneath $505.00. This soon started to draw out more selling from the day traders who sensed the opportunity to move back down the range due to a lack of resting orders, and their efforts saw lows recorded at $500.10 before some short covering took place. In amongst this latest foray around the same range there was an early strengthening through $110 for Aug/Jul’25, though the value returned to $108.50 during the afternoon as the flat price slipped. The last couple of hours played out at the lower end of the range with even the day traders seeming to retreat from the environment ahead of the close as prices edged along. An uneventful close left Aug’25 settling lower at $503.30 and changing nothing for the current blank picture as the market continues to search for some meaningful news / inspiration.  

White Sugar No.5 (QW) – ICE Futures Europe Commodities
Month Open High Low Sett Chg Last Vol O/I
Aug’25 507,90 508,70 500,10 503,30 -2,50 503,00 6.779 55.110
Oct’25 499,80 501,30 493,90 496,40 -1,60 496,30 2.045 17.702
Dec’25 497,00 498,80 492,10 494,70 -0,80 494,80 1.152 7.321
Mar’26 499,10 500,30 494,10 496,80 -1,00 496,70 672 5.822
May’26 496,80 497,50 490,50 493,30 -2,40 493,10 530 2.368
Aug’26 493,20 493,60 487,40 490,00 -2,80 490,10 120 1.675
Oct’26 490,90 490,90 485,80 488,10 -2,10 488,30 34 986
Dec’26 490,50 490,50 488,30 488,10 -1,40 488,30 11 855
Mar’27 489,90 489,90 487,70 489,10 -0,90 487,70 5 299
May’27 485,20 485,20 485,20 486,50 -0,90 485,20 5 210
Aug’27          –              –              –   484,00 -1,40 478,60            –   3
Oct’27          –              –              –   485,40 -1,40 486,00            –   60
Dec’27          –              –              –   484,20 -1,40 –            –                 –  
Mar’28          –              –              –   483,50 -1,40 –            –                 –  
Total             11.353 92.411

 

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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