Daily Market Price Updates and Commentary 4th November 2026

 

ICE Futures U.S. Sugar No.11 Contract

Settlement (cUS$/lb) Open High Low Last Volume O/I Life High Life Low
Mar27 18.47 0.14 â–² 18.43 18.56 18.33 18.47 80,185 614,050 21.29 14.42
May27 17.91 0.11 â–² 17.90 18.01 17.80 17.91 38,977 199,285 20.40 14.29
Jul27 17.54 0.06 â–² 17.59 17.67 17.46 17.53 23,768 149,836 19.81 14.27
Oct27 17.53 0.03 â–² 17.60 17.67 17.47 17.52 12,118 96,315 19.63 14.45
Mar28 17.90 0.02 â–² 17.96 18.04 17.84 17.91 5,816 56,924 19.83 14.97
May28 16.92 0.05 â–² 16.97 17.06 16.86 16.94 2,480 25,453 18.77 14.82
Jul28 16.45 0.06 â–² 16.49 16.55 16.40 16.44 1,579 19,555 18.10 14.74
Oct28 16.42 0.06 â–² 16.43 16.47 16.37 16.41 803 16,941 17.91 15.01
Mar29 16.84 0.07 â–² 16.84 16.87 16.77 16.87 751 6,954 18.19 16.20
May29 16.45 0.06 â–² 16.42 16.48 16.38 16.45 525 2,002 17.74 16.02
Jul29 16.24 0.05 â–² 16.20 16.28 16.19 16.25 301 3,773 17.50 16.15
Oct29 16.29 0.13 â–² 16.27 16.30 16.25 16.30 82 0 16.30 16.25
Total               167,385 1,191,088    

*Volume includes exchange for physicals.

 

 

ICE U.S. Sugar No.11 – Spreads

Date Spread Date Spread
Mar27 / May27 0.56 Oct27 / Mar28 -0.37
Mar27 / Jul27 0.93 Oct27 / May28 0.61
Mar27 / Oct27 0.94 Mar28 / May28 0.98
Mar27 / Mar28 0.57 Mar28 / Jul28 1.45
May27 / Jul27 0.37 May28 / Jul28 0.47
May27 / Oct27 0.38 May28 / Oct28 0.50
Jul27 / Oct27 0.01 Jul28 / Oct28 0.03
Jul27 / Mar28 -0.36 Jul28 / Mar29 -0.39

 

There was buying around as we resumed this morning with the lower levels attracting interest from consumers as well as finding some hedge lifting against newly written business as entities acted upon the fall in prices. This took March’27 ahead to 18.51, but with no other buying to back up the hedging the progress stalled, and we settled down to sit in the 18.40’s. Funds/specs were quieter with the consolidation allowing them to take stock, and while there was some small extension of the early range with the price falling back to overnight levels it was only being driven by light day trader interest. There was little change to the picture moving into the afternoon, and aside from a brief pop up to 18.56 the existing parameters held and extended the sideways pattern. Smaller traders continued to chop the price around within the range but without widening the band any further and with the close approaching the modest gain remained in place. One last buying input late in the day meant a double-digit gain was registered at 18.47, though overall the day offered little in terms of recovery and simply served as consolidation.   

 

ICE Europe White Sugar Futures Contract

Settlement (US$/mt) Open High Low Last Volume O/I Life High Life Low
Dec26 497.50 -2.70 â–¼ 503.20 505.20 496.20 498.40 11,295 24,926 567.70 393.20
Mar27 517.30 3.40 â–² 517.90 518.80 512.50 517.50 16,870 65,003 577.40 398.00
May27 520.30 1.90 â–² 522.40 522.90 517.80 520.30 6,197 32,545 581.80 401.40
Aug27 516.40 0.60 â–² 520.00 520.10 514.60 516.40 2,485 17,060 574.30 404.30
Oct27 511.30 -0.10 â–¼ 515.40 515.40 510.00 511.20 714 8,028 565.30 408.20
Dec27 508.20 -0.70 â–¼ 512.60 512.60 507.50 508.10 261 3,935 558.20 414.30
Mar28 506.50 -0.80 â–¼ 509.30 510.30 507.50 508.30 34 898 552.60 421.00
May28 499.20 -0.70 â–¼ 501.80 501.80 501.10 501.10 5 896 542.80 426.30
Aug28 488.60 -14.30 â–¼ 501.30 501.90 500.60 501.50 12 636 529.90 431.10
Oct28 478.60 -41.00 â–¼ 520.00 520.00 520.00 520.00 1 76 520.00 441.70
Dec28 475.10 -42.60 â–¼ 518.10 518.10 518.10 518.10 1 7 518.10 468.60
Mar29 477.10 -36.70 â–¼ 517.10 517.10 517.10 517.10 1 5 517.10 483.20
May29 474.10 -40.00 â–¼ 517.50 517.50 517.50 517.50 1 15 517.50 483.90
Aug29 471.10 —   — — — — — — — —
Total               37,877 154,030    

*Volume includes exchange for physicals.

 

 

ICE Europe White Sugar – Spreads

Date Spread Date Spread
Dec26 / Mar27 -19.80 Mar27 / May27 -3.00
Dec26 / May27 -22.80 May27 / Aug27 3.90
Dec26 / Aug27 -18.90 Aug27 / Oct27 5.10
Dec26 / Oct27 -13.80 Oct27 / Dec27 3.10

 

 

White Sugar Premium

Date Premium Date Premium
Mar27 / Mar27 110.11 Jul28 / Aug28 125.94
May27 / May27 125.45 Oct28 / Oct28 116.60
Jul27 / Aug27 129.71 Mar29 / Mar29 105.84
Oct27 / Oct27 124.83 May29 / May29 111.44
Mar28 / Mar28 111.87 Jul29 / Aug29 113.07
May28 / May28 126.18    

*Values calculated basis 6:09 PM.

 

Hedge lifting on the opening saw March’27 trade up to $518.50, but it was a short-lived rally and soon the price looked to pull back. A period was spent holding ahead of $514.00 but by the middle of the morning the lack of any additional buy side interest encouraged day traders to nudge down into the scale buying and drop the price back to $512.50. This proved to be the low with short-covering quickly following and helping the price back up into the early band, finding an area in which it could consolidate for the next few hours. Through the afternoon the price action became a little more choppy and new highs were seen at $518.80, however given the recent loss the mild gains simply serve as an opportunity for traders to reassess and consider next moves. Dec’26/Mar’27 meanwhile ended its recent recovery as rolling pressure sent the value all the way back to -$20.00 late in the afternoon, ending the recovery that the March’27 weakness had afforded. March’27 reached a higher close at $517.30, stemming the decline and creating the potential to fill the gap to $524.80 even if a wider recovery is not attainable.

 

 

Market chart asset

 

 

Market chart asset

 

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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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