Daily Market Price Updates and Commentary 23rd October 2026

ICE Futures U.S. Sugar No.11 Contract

*Volume includes exchange for physicals.

ICE U.S. Sugar No.11 – Spreads

The first hour of trading saw the market making another set of new recent lows as it printed down to 20.02 on a couple of occasions with traders looking to test the 20.00 area for support. Having held, there was a sharp reaction driven by short covering which pulled the price back into the 20.20’s, where it remained for a couple of hours. Through noon there was some more buying interest from small traders helping to build upon the gains and orderly progress was achieved except for a strange spike to 20.47. In an attempt to draw additional US based spec/fund buying back to the market the price was extended to 20.51, however the move ended in familiar style with long liquidation and a sharp retreat that killed this latest effort at recovery. Spreads were slow with March/May’27 continuing to trade near to 0.60 points, and so for the final three hours the market limped along with most traders having de-risked ahead of the weekend. A small amount of defensive buying was seen into the call, leaving March’26 to settle at 20.24 and head quietly into the weekend. 

ICE Europe White Sugar Futures Contract

ICE Europe White Sugar – Spreads

*Values calculated basis 6:11 PM.

Dec’26 dropped by a couple of dollars during lacklustre early trading but that was soon reversed with specs pushing the price back to the $538.00 area.  The rest of the morning was a non-event as the market held sideways, with the small trader domination of proceedings the only activity of any note. It was only when we moved into the afternoon that some additional buying filtered through, though it was still spec comminated with consumers happy to pick away opportunistically on the dips as they had on the early drop. The price rallied to $542.20 before the buying eased up, and with no other interest forthcoming this spelt the end of the rally as long liquidation sent the price plunging back towards the morning low. From here on there was very much a risk-off policy which left prices tracking along in the region of $534.00, and so the only interest was being seen from the Dec’26/March’27 spread where positions are steadily being rolled now that expiry is just three weeks away. A little MOC buying ensured a marginally higher settlement for Dec’26 at $534.80, bringing down the curtain on a slow week.