ICE Sugar No. 11

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The Sugar No. 11 contract, also known as World Sugar, is the global benchmark contract for raw sugar trading. The contract prices physical delivery of raw cane sugar free-on-board the receiver’s vessel at a port within the country of origin of the sugar as named by the deliverer.

Uses

Sugar No. 11 is used in food, rum, and the fuel additive ethanol. It is a global sugar product, produced in over 120 countries and consumed in every country.[1]

Data Quotes

ICE offers data quotes on a subscription basis.[2]

Sugar No. 11 Futures
Trading Screen Product Name Sugar No. 11 Futures
Trading Screen Hub Name NYCC
Contract Symbol SB
Contract Size 112,000 pounds
Price Quotation Cents and hundredths of a cent per pound to two decimal places
Contract Series March, May, July and October
Minimum Price Fluctuation 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 Origins Growths of Argentina, Australia, Barbados, Belize, Brazil, Colombia, Costa Rica, Dominican Republic, El Salvador, Ecuador, Fiji Islands, 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 Locations 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 Limit Position Limit and Position Accountability information for all IFUS products can be found here.[3]
Markers TAS (Trade at Settlement)[4]
MIC Code IFUS
Clearing Venues ICUS
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 3:30 AM - 1:00 PM

03:30 - 13:00

8:00 PM

20:00

LONDON 8:30 AM - 6:00 PM

08:30 - 18:00

1:00 AM

01:00

SINGAPORE 4:30 PM - 2:00 AM

16:30 - 02:00

9:00 AM

09:00

**In addition to the Pre-Open start time shown above, there will be a Post-Close Pre-Open order entry session from 1:30 pm to 6:00 pm NY time on the prior Exchange business day.
Codes Clearing Admin Name Sugar No 11
Physical SB
Logical SB
GMI (FC) 27
ION A.C.N. 2055
Sugar No. 11 Options
Trading Screen Product Name NYBOT Sugar No. 11
Trading Screen Hub Name NYCC
Contract Symbol SB
Contract Size One SB futures contract (112,000 pounds [50 long tons])
Price Quotation Cents and hundreths of a cent to two decimal places
Contract Series Regular Options: January, March, May, July and October.

Serial Options: February,April, June, August, September, November and December. For the January regular option, the March contract is the underlying future. For serial options, the underlying future is the next Regular futures contract month.

Minimum Price Fluctuation 1/100 of a cent per pound ($11.20/contract)
Strike Price Intervals Strike Price Increment will be $.25 cents at all price levels.
First Trading Day (Regular Options) Business day following the day on which the underlying future is listed for trading.
First Trading Day (Serial Options) Business day following the listing of the underlying future.
Last Trading Day Last Trading Day is the 15th calendar day of the month that precedes the options trading month, or the first business day after the 15th should this day be a weekend or an Exchange holiday.
Expiration Date 17:00 Eastern time on the last trading day. Automatic exercise at one tick or more in-the-money at expiration on last trading day.
Position Limit Position Limit and Position Accountability information for all IFUS products can be found here.[5]
MIC Code IFUS
Clearing Venues ICUS
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 3:30 AM - 1:00 PM

03:30 - 13:00

8:00 PM

20:00

LONDON 8:30 AM - 6:00 PM

08:30 - 18:00

1:00 AM

01:00

SINGAPORE 4:30 PM - 2:00 AM

16:30 - 02:00

9:00 AM

09:00

Codes Clearing Admin Name Sugar No 11
Physical SB
Logical SB
GMI (FC) 27
ION A.C.N. 2055
Weekly Sugar No. 11 Options
Trading Screen Product Name Sugar No. 11 Weekly
Trading Screen Hub Name NYCC
Contract Size One Sugar No. 11 futures contract
Tick Size .01 cent per lb., equivalent to $11.20 per contract
Strike Price Intervals .25-cents per lb./25 point increments
Exercise American style. Exercise of a Weekly Option will result in creation of a position in the underlying Sugar No. 11 future contract.
Trading Hours ETS: 9:00 pm to 2:30 pm NY time

Floor: 10:30 am to 2:15 pm NY time

Expiration Date Weekly Options expire on the Last Trading Day of the contract.
Last Trading Day A specified Friday that is not also the last trade date of a Regular or Serial monthly option contract. If such a Friday is the last trade date of a monthly option, then the Weekly Option that would expire on that Friday will not be listed for trading.
First Trading Day Three Weekly Options will be listed at all times. A new Weekly Option will be listed on the business day following the last trade date of any Weekly Option.
Contract Symbol SBW

The Contract Symbol shown above will be used for weekly options listed on and after September 8, 2014. For information on the symbols used prior to that date please go to IFUS_Weekly_Options_FAQ.[6]

Underlying Contract The first listed future contract for which the Regular monthly option on the future contract has not yet expired.
MIC Code IFUS
Clearing Venues ICUS
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 3:30 AM - 1:00 PM

03:30 - 13:00

8:00 PM

20:00

LONDON 8:30 AM - 6:00 PM

08:30 - 18:00

1:00 AM

01:00

SINGAPORE 4:30 PM - 2:00 AM

16:30 - 02:00

9:00 AM

09:00

Codes Clearing Admin Name O-Sugar No 11
Physical SBW
Logical SBW
GMI (FC) SW
ION A.C.N. None
Sugar No. 11 1-Month Calendar Spread Options
Trading Screen Product Name Sugar No. 11 1-Month CSO
Trading Screen Hub Name NYCC
Contract Symbol SB1 (1 Month Series)

Determining the two futures months in an CSO pair requires knowing both the Contract Symbol and the Month Symbol. CSO contract symbols are three characters long, with the first two characters denoting the futures contract for the pair and the third digit signifying how to identify the second month in the pair, which must be implied using the Month Symbol for the CSO contract. For example, the Contract Symbol “SB1” indicates the underlying contract is Sugar No. 11, and that the second month in the spread pair is ONE month forward from the front month of the pair. If the Month Symbol for an CSO contract is K10 (or May 2010), the Contract Symbol “SB1” implies that the second month in the pair is N10 (or July 2010) – one contract month forward from the K10; the Contract Symbol “SB2” would imply that the second month in the pair is V10 (or Oct 2010) – two contract months forward from the K10.

Contract Size A spread position between the two futures contract months.
Price Quotation Cents and hundredths of a cent to two decimal places.
Contract Series March, May, July and October.

1 Month Series: each of the first 3 listed futures months paired with consecutive listed months"

Minimum Price Fluctuation 1/100 of a cent per pound ($11.20/contract)
Daily Price Limit None
Strike Price Intervals Strike Price Increment will be $.10 cents (equal to 10 points).
First Trading Day See Sugar Rule 11.42 for details on the listing cycle.
Last Trading Day Each OFS contract expires on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all OFS contracts for which the March 2011 future is the front month of the pair will expire on the ltd of the March 2011 regular option.
Call Option Buyer of an CSO Call Option has the right to establish a spread position of long the first month in the spread pair and short the second month in the pair, at a price difference equal to the Strike Price of the CSO contract.
Put Option Buyer of an CSO Put Option has the right to establish a spread position of short the first month in the spread pair and long the second month in the pair, at a price difference equal to the Strike Price of the CSO contract.
Strike Price The Strike Price of an CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).
MIC Code IFUS
Clearing Venues ICUS
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 3:30 AM - 1:00 PM

03:30 - 13:00

8:00 PM

20:00

LONDON 8:30 AM - 6:00 PM

08:30 - 18:00

1:00 AM

01:00

SINGAPORE 4:30 PM - 2:00 AM

16:30 - 02:00

9:00 AM

09:00

Codes Clearing Admin Name O-Sugar No11
Physical SB1
Logical SB1
GMI (FC) 2A
ION A.C.N. None
Sugar No. 11 2-Month Calendar Spread Options
Trading Screen Product Name Sugar No. 11 2-Month CSO
Trading Screen Hub Name NYCC
Contract Symbol SB2 (2 Month Series)

Determining the two futures months in an CSO pair requires knowing both the Contract Symbol and the Month Symbol. CSO contract symbols are three characters long, with the first two characters denoting the futures contract for the pair and the third digit signifying how to identify the second month in the pair, which must be implied using the Month Symbol for the CSO contract. For example, the Contract Symbol “SB1” indicates the underlying contract is Sugar No. 11, and that the second month in the spread pair is ONE month forward from the front month of the pair. If the Month Symbol for an CSO contract is K10 (or May 2010), the Contract Symbol “SB1” implies that the second month in the pair is N10 (or July 2010) – one contract month forward from the K10; the Contract Symbol “SB2” would imply that the second month in the pair is V10 (or Oct 2010) – two contract months forward from the K10.

Contract Size A spread position between the two futures contract months.
Price Quotation Cents and hundredths of a cent to two decimal places.
Contract Series March, May, July and October.

2 Month Series: each of the first two listed futures months paired with the 2nd listed month forward from that month.

Minimum Price Fluctuation 1/100 of a cent per pound ($11.20/contract)
Daily Price Limit None
Strike Price Intervals Strike Price Increment will be $.10 cents (equal to 10 points).
First Trading Day See Sugar Rule 11.42 for details on the listing cycle.
Last Trading Day Each OFS contract expires on the last trading day of the regular option on the earlier of the two contract months in the spread pair; for example, all OFS contracts for which the March 2011 future is the front month of the pair will expire on the ltd of the March 2011 regular option.
Call Option Buyer of an CSO Call Option has the right to establish a spread position of long the first month in the spread pair and short the second month in the pair, at a price difference equal to the Strike Price of the CSO contract.
Put Option Buyer of an CSO Put Option has the right to establish a spread position of short the first month in the spread pair and long the second month in the pair, at a price difference equal to the Strike Price of the CSO contract.
Strike Price The Strike Price of an CSO contract can be positive (indicating the price of the front month is above the price of the back month in the pair), negative (indicating the price of the front month is below the price of the back month in the pair) or zero (indicating the prices of the two months in the pair are the same).
MIC Code IFUS
Clearing Venues None
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 3:30 AM - 1:00 PM

03:30 - 13:00

8:00 PM

20:00

LONDON 8:30 AM - 6:00 PM

08:30 - 18:00

1:00 AM

01:00

SINGAPORE 4:30 PM - 2:00 AM

16:30 - 02:00

9:00 AM

09:00

Codes Clearing Admin Name Sugar No 11
Physical SB2
Logical SB2
GMI (FC) None
ION A.C.N. None

References

  1. Sugar. ICE.
  2. The most valuable commodity is information. ICE.
  3. IFEU Softs Delivery Limits. {{{org}}}.
  4. TAS. {{{org}}}.
  5. Position Limit and Position Accountability Information. {{{org}}}.
  6. ICE Weekly Option Contracts. {{{org}}}.

Resources

ICE Sugar No. 11 Product Spec

ICE Weekly Sugar No. 11 Product Spec

ICE Sugar No. 11 1-Month Calendar Spread Product Spec

ICE Sugar No. 11 2-Month Calendar Spread Product Spec