Market Report - September 2025

The Market in September

Global raw and white sugar prices fell to new lows in September. Fundamentally, the market continues to focus on ongoing CS Brazil production, where the sugar allocation for the season is likely to exceed 50% for the first time in decades. This is supported by ethanol market dynamics, with more corn-based product coming to the market annually. At the same time, increased US corn ethanol supply is helping to meet global demand, reducing the need to divert domestic feedstocks, especially sugar, elsewhere. Meanwhile, speculators continue to hold substantial shorts in the raws market, while partly offset by longs in whites, taking its lead from both oil and grain markets and their link through ethanol.

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