About Sugar
Raw sugar is traded mainly through the ICE Sugar No. 11 contract. Brazil is the largest producer and exporter, and its mills can switch cane between sugar and ethanol, linking sugar prices to energy markets.
What moves the sugar price
- Brazilian cane crush data and the sugar/ethanol mix.
- Indian and Thai production and export policies.
- Monsoon and weather conditions.
- Crude oil and Brazilian real exchange rates.
Brazil, India and ethanol
Brazil is the largest producer and exporter, and its mills can switch cane between sugar and ethanol depending on which pays more. That links sugar to Brazilian fuel prices, the real's exchange rate and crude oil. India, the second-largest producer, changes export policy depending on its harvest and domestic needs, and Thai output matters for Asian buyers.
Season and weather
Brazil's centre-south harvest runs roughly April to November, and its fortnightly production reports are closely followed. Monsoon rainfall in India and Thailand shapes their crops, while El Niño and La Niña patterns can affect several producers at once. The gap between raw and white sugar prices, the white premium, shows how profitable refining is.
Contract specifications
| Benchmark future | ICE Sugar No. 11 (SB), raw cane sugar |
|---|---|
| Contract size | 112,000 pounds (50 long tons) |
| Minimum tick | 0.01 cent per pound = $11.20 per contract |
| Contract months | March, May, July, October |
| Settlement | Physical delivery, free on board at the receiver's vessel in the origin country |
| Related contract | ICE London No. 5 white (refined) sugar |
Specifications as published by the exchange; they can change, so confirm on the exchange website before trading.
Trading hours
ICE Sugar No. 11 trades Monday to Friday, about 3:30 am to 1:00 pm US Eastern Time.
Contract basics
ICE Sugar No. 11 covers 112,000 pounds of raw cane sugar, quoted in cents per pound. London White Sugar No. 5 is the refined-sugar benchmark.
Quote unit
US cents per pound. Hours and specifications can change; always confirm on the exchange's website, especially around holidays.
Sugar FAQ
What moves the price of sugar?
Brazilian cane crush data and the sugar/ethanol mix. Indian and Thai production and export policies. Monsoon and weather conditions. Crude oil and Brazilian real exchange rates.
When does sugar trade?
ICE Sugar No. 11 trades Monday to Friday, about 3:30 am to 1:00 pm US Eastern Time.
What is the standard sugar contract?
ICE Sugar No. 11 covers 112,000 pounds of raw cane sugar, quoted in cents per pound. London White Sugar No. 5 is the refined-sugar benchmark.
What is Sugar No. 11?
The ICE futures contract for raw cane sugar and the world benchmark for traded sugar.
Why does the oil price affect sugar?
Brazilian mills can make ethanol instead of sugar; when fuel prices are high, more cane goes to ethanol and sugar supply falls.