The largest raw sugar contract ever delivered is ICE March

According to preliminary information provided by two sugar traders, Friday, deliveries of raw sugar at the expiry date of the contract for March on ICE were 34,385 tons or 1,74 million metric tonnes, the highest ever delivered under that contract.

According to two sources, Singapore commodities trader Wilmar was the biggest receiver of sugar with 23,073 tons or around 1,17 million tons. Trader Louis Dreyfus, however, was the biggest deliverer with 9 599 lots (487 656 tons).

ICE will publish official data about the delivery of Monday.

According to ICE data, the previous largest March contract delivery was 26,350 lots in 2022. The biggest delivery of any contract occurred in October 2023, with 56.470 lots.

Traders and analysts tend to view large deliveries as negative. These deliveries tend to show that traders and analysts could not get better prices for the sugar on the physical market. They chose to deliver it at the exchange.

A broker in the United States said, "This suggests that there isn't enough demand" (in the physical markets). (Reporting and editing by Nia William in New York, Marcelo Teixeira from New York)

(source: Reuters)