wheats.aiICE FUTURES U.S. · NEW YORK · RAW SUGAR
ICE Sugar No. 11 futures (SB)
Sugar No. 11 is the world benchmark for raw cane sugar, traded on ICE Futures U.S. in New York under the code SB. Each contract covers 112,000 pounds (50 long tons) of raw centrifugal cane sugar of 96 degrees average polarization, delivered free on board the receiver’s vessel at a port in one of the approved growing countries. Brazil’s centre-south crop, the Indian and Thai monsoon harvests and the ethanol parity in Brazil set most of its swings.
- Contract size
- 112,000 lb
- Minimum price movement
- 0.01¢/lb = $11.20
- Contract months
- Mar · May · Jul · Oct
- Last trading day
- Last business day of the prior month
Listed Sugar No. 11 contracts
Each contract stops trading on the last business day of the month before its delivery month, so the March contract expires at the end of February. The curve currently runs across the next 8 contract months; dates are from the ICE Sugar No. 11 product calendar.
| Contract | Month code | Last trading day |
|---|---|---|
| SB Mar 2027 | H7 | 26 Feb 2027 |
| SB May 2027 | K7 | 30 Apr 2027 |
| SB Jul 2027 | N7 | 30 Jun 2027 |
| SB Oct 2027 | V7 | 30 Sept 2027 |
| SB Mar 2028 | H8 | 29 Feb 2028 |
| SB May 2028 | K8 | 28 Apr 2028 |
| SB Jul 2028 | N8 | 30 Jun 2028 |
| SB Oct 2028 | V8 | 29 Sept 2028 |
ICE futures and settlement prices may not be republished without an ICE licence, so they are not shown on Wheats. The sugar board in the Wheats terminal uses the public World Bank price below as its price reference.
World raw sugar price
The World Bank’s world raw sugar price, the monthly average of the International Sugar Agreement daily price for raw sugar FOB Caribbean ports, was 19.50¢/lb in Oct 2026, against 15.42¢/lb a year earlier (+26.5%). It tracks the Sugar No. 11 nearby contract closely and is free to reuse, so Wheats uses it in place of exchange settlements.
Managed money positioning in Sugar No. 11
The CFTC’s weekly Commitments of Traders report put managed money at a net long of 223,784 contracts (about 11.37 million tonnes) in the week of 3 Nov 2026, −13,927 on the week, or +18.8% of 1,191,088 contracts of open interest. At month ends since Jun 2006, funds were less long than now in 93% of months. Large net shorts leave the market exposed to short covering when Brazilian or Indian crop news turns.
Sources
Contract terms: ICE Sugar No. 11 contract specification. Price reference: World Bank Commodity Price Data (Pink Sheet), CC BY 4.0. Positioning: CFTC Commitments of Traders, disaggregated, futures only. Wheats provides information aggregation, not trading recommendations. See also the world sugar price and world sugar stocks-to-use.