Insight Focus
Producers closed out 26,400 lots of short positions over the past week. Speculators are net-short in the raw sugar futures market today. The Dec’24 refined sugar futures expired on Friday.
New York No.11 Raw Sugar Futures
Over the past week, the No.11 raw sugar futures traded sideways, trading between 21-22c/lb.
Looking at the commercial side, both producers and end-users have closed out positions. Producers have reduced their position by 26,400 lots of shorts, while end-users have closed out 5,600 lots of longs.
Speculators have closed out a significant number of long positions at 18,800 lots, while opening only 7,700 lots of short positions.
Speculators have reverted to a net-short position in the raw sugar futures market after going long of sugar back in September.
The net spec position currently stands at -7,255 lots.
The No.11 forward curve remains backwardated.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures traded between USD 538-552/tonne and expired at USD 545.2/tonne on Friday.
In the week of the expiry, speculators closed out around 3,900 lots of long positions.
The net spec position has decreased from 42,860 lots, surpassing the highest level previously seen, to just below 39,000 lots.
No.5 Open Interest
The No.5 refined sugar futures curve has weakened between March-May 2025 but has strengthened across the rest of the board.
White Premium (Arbitrage)
The H/H white premium traded between USD 79-90/tonne over the past week, closing at USD 79.2/tonne on Friday.
Many re-export refiners need around USD 105-115/tonne above the No.11 to profitably produce refined sugar. The current white premium is below this level, signalling to toll refiners to slow their operations.
For a more detailed view of the sugar futures and market data, please refer to the appendix below.
No.11 (Raw Sugar) Appendix
No.5 (White Sugar) Appendix
White Premium Appendix
