Raw sugar futures dropped at the start of trading, with Jul slipping to the lower-1670s and Oct dipping to the lower-1750s. Oct held several times at 1750 and turned higher at the New York opening. Prices worked into positive territory but quickly stalled and fell back into the minus column. Jul slumped to an intraday low of 1668 late while Oct managed to hold it earlier low of 1750.
Spread trading slowed a bit but remained active as differentials were little moved. Both Jul/Oct and Oct/Mar settled unchanged on 53k and 8k in turnover, respectively.
Options trading was a bit more active today, with just over 20k in combined calls and outs changing hands and several notable transactions. The Jul 1650 put traded at 4 points versus futures t 1673. The Oct 1750 straddle traded versus the Oct 1650/1850 strangle at a net premium of 13 points. The Oct 1700 put traded at 43 points versus futures at 1752. The Oct 1800 call traded at 48 points versus futures at 1750 and the Oct 1900 call traded at 27 and 28 points versus futures at 1760. Paper bought 1.5k of the Mar 2000 call from 68 to 70 points and also paid from 20 to 22 for more than 2k of the May 2500 calls.