Sugar (Number 11) Futures Down 35%

Sugar futures are down 35% this year, at lowest levels since 2020. 

Sugar No. 11, futures contract (SB) for raw centrifugal cane sugar, traded on the ICE, is the world benchmark for sugar trading.

The centrifugal reference alludes to the production process,  where crystallised sugar-and-molasses mixture is spun in a high-speed centrifuge. This separates sugar from molasses, yielding raw or semi-refined sugar. 

1 futures = 112,000 pounds of sugar, physically settled, FOB receiver's vessel (the port must be in the sugar's country of origin). This is around 50,000 kilograms of sugar.  (1 pound = 0.45xx kg of sugar).

Contract months are March, May, July, October.

Sugar is one of the most traded futures contracts on ICE, with 31.5 million contracts traded so far in 2025 (35 million contracts traded in 2024).

Copersucar SA (Brazil) is the world's largest trader of sugar and ethanol.

Sugar and ethanol are related - in that ethanol and carbon dioxide are produced when sugar is fermented.