The global sugar beet market is experiencing a period of notable price resilience even as physical and futures prices post broad-based gains. From the latest trading session on ICE, sugar futures across all major contracts extended their upward trajectory—underscoring robust demand recovery, logistical bottlenecks, and continued resilience in consumption despite sluggish macroeconomic signals. The March 2026 contract closed at USD 429.40 per ton, up 1.93%, while forward contracts through 2028 followed suit with year-on-year bullish sentiment.
European spot markets reflect stability: granulated sugar (ICUMSA 45, non-organic) prices in Poland and Lithuania remain steady at 0.45 EUR/kg FCA, while white-crystal types saw a modest correction to 0.52 EUR/kg. Physical market offers in the region indicate no significant price ease, confirming ongoing tightness in EU stocks.
Near-term market focus now turns to winter weather prospects in the Black Sea and EU production zones, recent USDA global stock revisions, and fund positioning after a wave of short covering. For industry participants, understanding both price risk and supply chain dynamics remains key as forward curves signal further volatility into 2026. See below for our comprehensive deep-dive, market tables, and our actionable outlook for the days ahead.
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Sugar granulated
ICUMSA 45, 0,2 - 1,2 mm, EU Cat. II
FCA 0.45 €/kg
(from LT)
Sugar granulated
ICUMSA 45, 0,2 - 1,2 mm, EU Cat. II
FCA 0.45 €/kg
(from LT)
Icing sugar
Cukr moučka amylín
FCA 0.65 €/kg
(from CZ)
📈 Prices: Key Exchange & Spot Market Overview
| Contract | Closing Price (USD/t) | Change (%) | Sentiment |
|---|---|---|---|
| ICE March 26 | 429.40 | +1.93 | Bullish |
| ICE May 26 | 425.00 | +1.65 | Bullish |
| ICE Aug 26 | 419.50 | +1.29 | Bullish |
| ICE Dec 26 | 420.90 | +0.97 | Moderate |
| ICE Dec 27 | 440.80 | +0.91 | Bullish |
| ICE Oct 28 | 456.90 | +0.85 | Bullish |
| Name | Specification | Country | Price (EUR/kg) | Previous Price |
|---|---|---|---|---|
| Sugar granulated (ICUMSA 45) | EU Cat. II | LT | 0.45 | 0.45 |
| Sugar granulated (ICUMSA 45) | EU Cat. II | LT | 0.45 | 0.45 |
| Icing sugar | Cukr moučka amylín | CZ | 0.65 | 0.65 |
| Sugar granulated (Fine 400–850) | – | PL | 0.45 | 0.45 |
| Sugar granulated (KAT EU 2) | – | PL | 0.45 | 0.45 |
| Sugar granulated (white-crystal) | Icumsa-45 | PL | 0.52 | 0.56 |
| Sugar granulated (KAT EU 2 Czech) | – | PL | 0.46 | 0.46 |
🌍 Supply & Demand Drivers
- USDA Report: The USDA’s latest updates indicate lower global stockpiles, especially in key exporters like Brazil, which is offset by strong EU output despite challenging weather.
- Crop Acreage: European beet sowings for 2025 are flat year-on-year due to input cost concerns and mixed yield prospects.
- Speculative Positioning: Funds have reduced short positions, fueling upside momentum on ICE futures in recent sessions.
- Demand Resilience: Industrial offtake remains steady across the EU and MENA, supporting physical spot prices.
📊 Fundamentals & Global Comparison
- Major Exporters: Brazil, Russia, EU, and Thailand continue to drive global supply, with EU benefiting from a robust 2025/26 harvest.
- Importers: MENA and parts of Asia remain key demand centers, albeit with some currency headwinds.
- EU Stocks: Inventories remain tight, minimal change from last report; no sign of significant replenishment expected before Q2 2026.
🌦️ Weather Outlook: Key Growing Regions
- Eastern Europe/Black Sea: Mild winter projected, beneficial for overwintering beets but potential moisture deficit risk by spring.
- Western EU: Rainfall slightly below average, but temperatures above historical norms; moderate impact expected on early beet growth. No signs of severe frost stress in December forecast.
- Brazil/Tropics: Normal monsoon progression supports cane output; transitional support for global balance.
📆 Trading Outlook & Recommendations
- 🔺 Price Outlook: Bullish into Q1 2026 on tight stocks and strong financial buying.
- 🟡 Risk Watch: Monitor spring soil moisture and fund positions for price turning points.
- ⚠️ Stability Gauge: EU physical market stable—producers/food buyers may consider gradual cover of Q1–Q2 needs.
- 📉 Caution for Demand: Macro weakness poses some downside, but physical tightness prevails short-term.
⏩ 3-Day Regional Price Forecast
| Date | ICE Zucker Nr. 5 (USD/t) | EU Spot (EUR/kg) |
|---|---|---|
| 2025-12-03 | 432–436 | 0.45–0.46 |
| 2025-12-04 | 433–438 | 0.45–0.46 |
| 2025-12-05 | 434–440 | 0.45–0.46 |
Note: Short-term direction remains upward; volatility possible based on fresh macro or weather news.
