Agricultural Commodities
Sugar
The international sugar market is divided mainly between raw cane sugar and refined white sugar.
MARKET REFERENCES
How the market commonly references price
There is rarely one universal price for a physical commodity. Commercial value depends on the benchmark, specification, origin, destination, timing and logistics agreed between buyer and seller.
- ICE Sugar No. 11 — global raw sugar benchmark
- ICE White Sugar — refined sugar benchmark
- Origin physical premiums / discounts
TYPICAL COMMERCIAL STRUCTURE
How physical pricing is often built
Raw sugar physical cargoes commonly reference ICE No. 11 futures ± origin/quality premium or discount. White sugar transactions often reference the ICE white-sugar benchmark ± physical premium. Freight is added for CFR/CIF delivery.
PRICE DRIVERS
What moves the physical differential?
- Brazil / India / Thailand crop
- Ethanol economics
- Polarisation / quality
- Currency
- Freight
PHYSICAL TRADE
Commercial considerations
ICE No. 11 prices physical delivery of raw cane sugar on an FOB receiver's-vessel basis; physical contracts then reflect origin and shipment specifics.
The examples on this page describe common market conventions at a high level. Actual contracts can use different pricing periods, assessments, quality adjustments, Incoterms and negotiated differentials.
Market methodology reference: view source / methodology
PHYSICAL COMMODITY BROKERAGE
Discuss a Sugar requirement.
Share the specification, quantity, origin or destination, delivery basis and timing.