Sugar Futures Positioning and CFTC Update 27th April 2020

• Speculators are building a fresh short position in the raw sugar market, now at net 65k lots short.
• This isn’t surprising: coronavirus is damaging sugar consumption, the USD is strong and other commodities (eg oil) are also weakening.
• However, specs remain long the refined sugar market.

ICE No.11 Futures Speculative Positioning (values as of 21st April 2020)

ICE No.11 Futures Commerical Positioning (values as of 21st April 2020)

ICE No.11 Futures Open Interest (values as of 21st April 2020)

ICE Futures Europe (No.5) Speculative Positioning (values as of 21st April 2020)

ICE Futures Europe Open Interest (values as of 21st April 2020)