ICE Announces Largest Sugar Delivery on Record Amidst Strong Sugar Volumes and Open Interest

Rhea-AI Summary

Intercontinental Exchange announced the largest delivery on record of ICE's global benchmark Sugar No.11® contract with 2.82 million tons of sugar, indicating strong growth in volumes and open interest. Sugar prices have risen to the highest in over a decade, leading to increased utilization of ICE's markets to manage risk.

Positive

• Strong growth in volumes and open interest
• Utilization of ICE's markets to manage risk

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, and home to the largest soft commodity futures and options markets in the world, today announced the largest delivery on record of ICE’s global benchmark Sugar No.11^® contract with 56,470 lots, a total of 2.82 million tons of sugar, headed for delivery following expiry of the October futures contract.

The previous largest delivery for ICE Sugar No. 11^® occurred in October 2020 where 2.62 million tons went to delivery through ICE’s clearinghouse.

The global benchmark price for raw cane sugar is formed on ICE’s markets each day, with sugar volumes up 22% year-over-year (y/y) and open interest (OI) up 31% at 1.64 million contracts.

“As sugar prices have risen to the highest in over a decade, our customers are utilizing the depth of liquidity our markets offer, and the range of participants involved, to manage their risk,” said David Farrell, Chief Operating Officer of ICE Futures U.S. “ICE’s soft commodity markets are seeing strong growth in volumes and open interest as weather and crop forecasts impact harvest assumptions, changing supply and demand fundamentals and our customers’ exposures.”

ICE is home to the global price benchmarks for agricultural commodities including Sugar, Cocoa, Coffee, Cotton, Canola and Frozen Concentrated Orange Juice. OI across the portfolio hit a record 4.78 million contracts in September 2023, beating the record last set in February 2020, with OI and volumes up 17% y/y. These markets are one part of ICE’s extensive global commodity and energy markets which include the global benchmarks Brent Crude Oil, TTF natural gas and European carbon allowances.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 2, 2023.

Category: EXCHANGES

ICE- CORP

Source: Intercontinental Exchange

View source version on businesswire.com: https://www.businesswire.com/news/home/20231003318519/en/

ICE Media Contact:

Rebecca Mitchell

Rebecca.Mitchell@ice.com

+44 7951 057 351



ICE Investor Contact:

Katia Gonzalez

katia.gonzalez@ice.com

+1 678 981-3882

Source: Intercontinental Exchange