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ICE Sugar Futures & Options Trading

In the United States, import tariffs have long supported the domestic sugar industry, with quotas typically holding U.S. prices steadily above those in the world market.

Sugar Supply

There are two main types of sugar grown in the world: cane and beet. Both produce the identical refined sugar product. Sugar cane is a bamboo-like grass grown in semi-topical regions. It accounts for about 70% of world production. Beet sugar comes from the sugar beet plant, which grows in temperate climates and accounts for the balance of world production. Intemperate weather, disease, insects, soil quality and cultivation affect both cane and beet production, as do trade agreements and price support programs.

India, Brazil, China, Thailand, Cuba and Mexico are among the leading sugar cane producers. European Union nations, the Russian Federation and Ukraine produce the majority of all sugar beets. The European Union, Brazil, Thailand, Australia, Cuba and Ukraine are leading sugar exporters.

Both cane and beet sugar are grown in regions of the U.S.; sugar beet production in the U.S. accounts for about 9% of the world total and cane production about 3% of the world supply. U.S. sugar cane is grown in Florida, Louisiana, Hawaii, Texas and Puerto Rico. Beet sugar is grown in 14 states, with Minnesota, Idaho, North Dakota and California leading production.

Sugar Demand

Factors influencing sugar demand include: refinery activity; consumer income; candy and confectionery sales; changing eating habits; and sugars use in new technologies, such as ethanol production for automobile fuel.

Sugar Futures Contract No. 11


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 receiver's vessel to a port within the country of origin of the sugar.


Contract Symbol SB

Contract Size 112,000 pounds

Price Quotation Cents and hundredths of a cent per pound to two decimal places

Contract Listings March, May, July and October

Minimum Price Movement 1/100 cent/lb., equivalent to $11.20 per contract.

Settlement Physical delivery, FOB receiver's vessel

Grade/Standards/Quality Raw centrifugal cane sugar based on 96 degrees average polarization.

Daily Price Limit None

Deliverable Growths Growths of Argentina, Australia, Barbados, Belize, Brazil, Colombia, Costa Rica, Dominican Republic, El Salvador, Ecuador, Fiji Islands, French Antilles, Guatemala, Honduras, India, Jamaica, Malawi, Mauritius, Mexico, Mozambique,Nicaragua, Peru, Republic of the Philippines, South Africa, Swaziland, Taiwan, Thailand, Trinidad, United States, and Zimbabwe.

Delivery Points A port in the country of origin or in the case of landlocked countries, at a berth or anchorage in the customary port of export.

First Notice Day First business day after last trading day.

Last Notice Day First business day after last trading day.

Last Trading Day Last business day of the month preceding the delivery month

Position Limits Position Limit and Position Accountability information for all IFUS products can be found at

Clearing Venue ICUS



NEW YORK 2:30 AM-2:00 PM
02:30-14:00  8:00 PM

LONDON 7:30 AM-7:00 PM
07:30-19:00  1:00 AM

15:30-03:00  9:00 AM

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