Sugar Falls Again as Nearby Spreads Weaken (19 October 2026)
Sugar futures fell for a second session on Monday. March raw sugar settled at 20.57 cents/lb, down 1.34%, while December white sugar lost 1.46% to $546.80/tonne. Nearby contracts underperformed later deliveries in both markets, weakening calendar spreads alongside outright prices.
| Contract | Settlement | Daily change | Change % | Session range |
|---|---|---|---|---|
| Raw sugar Mar 2027 | 20.57¢/lb | −0.28¢ | −1.34% | 20.48–20.95 |
| Raw sugar May 2027 | 19.83¢/lb | −0.23¢ | −1.15% | 19.73–20.14 |
| Raw sugar Jul 2027 | 19.37¢/lb | −0.17¢ | −0.87% | 19.26–19.61 |
| White sugar Dec 2026 | $546.80/t | −$8.10 | −1.46% | $545.60–556.80 |
| White sugar Mar 2027 | $562.60/t | −$5.70 | −1.00% | $561.10–570.10 |
| White sugar May 2027 | $569.50/t | −$5.30 | −0.92% | $567.90–576.00 |
March raws remained inside Friday’s trading range, holding one point above its 20.47-cent low. December whites made a lower high and lower low, settling $0.90 below Friday’s $547.70 low. Both contracts finished close to their session lows, with the clearer deterioration in whites.
| Market activity | Raw sugar | White sugar |
|---|---|---|
| Monday volume | 105,050 contracts | 24,996 contracts |
| Change from Friday | −29.11% | −7.05% |
| Latest open interest: 16 October | 1,204,345 | 165,708 |
| OI change from 15 October | +2,245 / +0.19% | −304 / −0.18% |
Turnover declined in both markets. Available open interest relates to Friday, when raw OI increased despite falling prices and white OI contracted slightly. Monday OI was unavailable in the supplied exchange reports; these figures cannot identify Monday’s buying, selling or liquidation.
| Settlement spread | Monday | Friday | Change |
|---|---|---|---|
| Raw Mar–May 2027 | +0.74¢/lb | +0.79¢/lb | −0.05¢ |
| Raw Mar–Jul 2027 | +1.20¢/lb | +1.31¢/lb | −0.11¢ |
| White Dec 2026–Mar 2027 | −$15.80/t | −$13.40/t | −$2.40 |
| White Dec 2026–May 2027 | −$22.70/t | −$19.90/t | −$2.80 |
| Matched March white premium | $109.11/t | $108.64/t | +$0.47 |
| Matched May white premium | $132.32/t | $132.55/t | −$0.23 |
Raw backwardation narrowed, while December’s discount to later white deliveries widened. This weakens the futures market’s immediate scarcity signal, although it does not establish improving physical availability. The small increase in the matched March white premium was not repeated in May.
