Daily Market Price Updates and Commentary 28th Marh 2025

Raw Sugar Updates

A quiet opening developed into and almost comatose morning as May’25 settled into a tight trading band ahead of 19c for a couple of hours. The slow pattern was then broken ahead of noon with a surge to 19.21 on fewer than 1,500 lots, such is the limited nature of resting orders at present levels, though the rally didn’t sustain, and prices returned to the same area in the low 19’s by early afternoon on small trader liquidation. It was a case of “lets try the opposite direction” next as traders looked to generate some downward movement instead, but this too had only limited effect with May’25 bottoming at 18.91 despite a period spent investigating the lows. Were it not for the spreads we would have seen a particularly poor volume with more than 24,000 lots May/Jul’25 bringing it to a semi-respectable level as the spread encountered some pressure and traded into 0.19 points at its narrowest. May’25 meanwhile floundered at the lower end of the range with its struggle to break back over 19c resulting in a close at 18.96 and take us into the weekend still unclear as to how the malaise which has developed this week can be broken. 

White Sugar Updates

It was proving to be another slow morning for the market as lower opening levels for May’25 were gathered up to allow the value to edge along near to unchanged, but on such small volume that no outside interest could be attracted. There was a small push during the late morning which took the price up to $539.80 however it turned out to be just a brief interlude in the recent struggle and values soon dropped back to the mid $530’s. While innocuous this false move seemed to dent confidence and a more aggressive push lower then flowed which knocked the value to the $532.00 area, and in the process dented the spread and white premium values once again. The spread was under particular pressure with a strong amount of rolling (5,500 lots / around 75% of the front 2 position volume) sending May/Aug’25 down to $8.50 during the afternoon, though it stabilized by a dollar heading into the close. This was largely due to a short covering led recovery during the later afternoon which pulled the market from its $531.70 low to a settlement at $535.70. This drew May/May’25 back up to close at $117.70, around $3 above its intra-day lows, and maintains the current rangebound predicament into the weekend.