Insight Focus
The July’24 raw sugar futures expired last week. Raw sugar futures traded between 19-20c/lb. Producers opened a large number of positions.
New York No.11 Raw Sugar Futures
The raw sugar futures market traded between the 19-20c/lb range, hitting 20.3c/lb by Friday’s close.
The July’24 raw sugar futures expired last week and both the commercial participants as well as the speculators have been active in the market.
Producers have taken advantage of the price increase in the week of the expiry, opening 19.8k lots of short positions. End-users have closed out 10.2k lots of long positions.
Speculators have closed out 24.2k lots of short positions, marking the third week where they have not built on their short position.
Speculators have also opened less than 1k lots of longs and the net spec position remains short at -29.2k lots.
The No.11 futures curve has strengthened towards the front of the curve over the past week but remains flat across the board.
London No.5 Refined Sugar Futures
The No.5 refined sugar futures traded higher in the past week, closing at 598.4 USD/mt on Friday.
Speculators opened a small number of positions at 3.4k lots of longs, bringing the net spec position up to 17.2k lots.
No.5 Open Interest
The No.5 refined sugar futures curve has strengthened across the board and is heavily backwardated until Dec’25.
White Premium (Arbitrage)
The Q/N white premium traded higher last week, closing at 150.7 USD/mt on Friday.
Many re-exports refiners need around 105-115USD/mt above the No.11 to profitably produce refined sugar. The current white premium is well above this level, which means we should theoretically see a pick-up in demand soon.
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
