Prices weakened during February. The run-up to the mid-month and month-end expires of the March contracts in London and New York, together with better production numbers from Thailand and India explain the softer prices.
The ISA Daily Price for raw sugar held around the January-end value of USD23.38 cents/lb during the first 10 days of the month, before slipping down to USD22.02 cents/lb on February 23rd. The month-end settlement of USD21.93 cents/lb set a new low for the month, while the expiry of the March contract at an USD0.89 cents/lb premium to May means that the opening price in March is substantially lower at USD21.00 cents/lb.