The global market for sugar is massive, and as such the futures market for this commodity has become significant as well. The Sugar No. 11 contract is the world benchmark contract for raw sugar trading. The contract prices the physical delivery of raw cane sugar, free-on-board the receivers vessel to a port within the country of origin of the sugar. The deliverable under sugar futures is Raw centrifugal cane sugar based on 96 degrees average polarization. Deliverable growths include Argentina, Australia, Barbados, and several other countries around the globe Sugar No. 11 futures trade on the ICE under the symbol SB. Contracts represent 112,000 pounds, and are priced in cents and hundredths of a cent per pound. Contracts are listed for March, May, July and October, and the last trading day is the last business day of the month preceding the delivery month (except January, which is the second business day before the 24th calendar day of the prior month). Sugar futures are also traded on the NYMEX under the symbol YO. The NYMEX contract also represents 112,000 pounds and trading is conducted in the March, May, July, and October cycle for the next 24 months.
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