.jpg)
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, and home to the largest soft commodity futures and options markets in the world, today announced the largest delivery on record of ICE’s global benchmark Sugar No.11® contract with 56,470 lots, a total of 2.82 million tons of sugar, headed for delivery following expiry of the October futures contract.
The previous largest delivery for ICE Sugar No. 11® occurred in October 2020 where 2.62 million tons went to delivery through ICE’s clearinghouse.
The global benchmark price for raw cane sugar is formed on ICE’s markets each day, with sugar volumes up 22% year-over-year (y/y) and open interest (OI) up 31% at 1.64 million contracts.
“As sugar prices have risen to the highest in over a decade, our customers are utilizing the depth of liquidity our markets offer, and the range of participants involved, to manage their risk,” said David Farrell, Chief Operating Officer of ICE Futures U.S. “ICE’s soft commodity markets are seeing strong growth in volumes and open interest as weather and crop forecasts impact harvest assumptions, changing supply and demand fundamentals and our customers’ exposures.”
ICE is home to the global price benchmarks for agricultural commodities including Sugar, Cocoa, Coffee, Cotton, Canola and Frozen Concentrated Orange Juice. OI across the portfolio hit a record 4.78 million contracts in September 2023, beating the record last set in February 2020, with OI and volumes up 17% y/y. These markets are one part of ICE’s extensive global commodity and energy markets which include the global benchmarks Brent Crude Oil, TTF natural gas and European carbon allowances.
