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Sugar #11 Oct '23 (SBV23)
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Sugar #11 Futures Market News and Commentary

Sugar Prices Under Pressure From a Bumper Brazil Sugar Harvest

March NY world sugar #11 (SBH24) on Friday closed -0.95 (-3.65%), and March London ICE white sugar #5 (SWH24) closed -20.30 (-2.83%)

Sugar prices on Friday extended this week's sell-off, with NY sugar falling to a 3-month low and London sugar falling to a 2-month low.  Increased sugar production in Brazil alleviated supply concerns and sparked fund selling of sugar.  On Wednesday, Conab raised its 2023/24 Brazil sugar production estimate by +15% to 46.9 MMT from an August estimate of 40.9 MMT.

Brazil has ramped up its sugar production this year as Unica on Monday reported that Brazil Center-South sugar output in the first half of November rose +30.9% y/y to 2.19 MMT and that sugar output in the 2023/24 crop year through mid-November rose +23.1% y/y to 39.412 MMT.  Also, 49.41% of the crushed sugarcane was used for sugar production this year, an increase from 45.97% last year.

Another bearish factor for sugar prices was the action by the International Sugar Organiza... Read more

Contract Specifications

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Contract
Sugar #11
Contract Size
112,000 pounds (50 long tonnes)
Tick Size
0.01 cents per pound ($11.20 per contract)
Trading Hours
2:30a.m. - 12:00p.m. (Settles 11:55a.m.) CST
Exchange
ICE/US
Point Value
$1,120
Margin/Maintenance
$1,478/1,344
First Notice Date
10/02/23
Expiration Date
09/29/23 (expired)

Seasonal Chart

Sugar #11 Oct '23
Average Price Chart for 5 Prior Oct Contracts

Commitment of Traders Positions as of Nov 28, 2023

View Chart Details
Commercials - Long / Short
361,766 (+14,306)
611,371 (-3,489)
Non-Commercials - Long / Short
290,604 (-14,335)
85,528 (+2,726)
Producers - Long / Short
230,194 (+13,910)
429,129 (-4,505)
Swap Dealers - Long / Short
106,222 (+591)
156,892 (+1,211)
Managed Money - Long / Short
205,669 (-16,172)
43,893 (+1,872)
Other Reportables - Long / Short
84,935 (+1,837)
41,635 (+854)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
25.02 +5.00%
on 08/31/23
27.62 -4.89%
on 09/19/23
+0.82 (+3.22%)
since 08/29/23
3-Month
22.17 +18.49%
on 06/30/23
27.62 -4.89%
on 09/19/23
+4.19 (+18.98%)
since 06/29/23
52-Week
16.23 +61.86%
on 10/31/22
27.62 -4.89%
on 09/19/23
+9.67 (+58.25%)
since 09/29/22

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Sugar Prices Under Pressure From a Bumper Brazil Sugar Harvest

March NY world sugar #11 (SBH24 ) on Friday closed -0.95 (-3.65%), and March London ICE white sugar #5 (SWH24 ) closed -20.30 (-2.83%) Sugar prices on Friday extended this week's sell-off, with NY sugar...

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Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Weak Signal Strength.

Key Turning Points

3rd Resistance Point 27.25
2nd Resistance Point 27.02
1st Resistance Point 26.65
Last Price 26.27s
1st Support Level 26.05
2nd Support Level 25.82
3rd Support Level 25.45

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52-Week High 27.62
Last Price 26.27s
Fibonacci 61.8% 23.27
Fibonacci 50% 21.92
Fibonacci 38.2% 20.58
52-Week Low 16.23

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