The "Number 11" in the contract refers the way shipping costs are handled between the buyer and the seller of the contract. Sugar #11 is sold "Free on Board (FOB)", which means the seller pays to ship the sugar to a port, and is responsible for loading costs. The buyer, however, is responsible for unloading costs.
Sugar #11 can be sugar originating from any one of 28 countries and the United States: Argentina, Australia, Barbados, Belize, Brazil, Colombia, Costa Rica, Dominican Republic, El Salvador, Ecuador, Fiji Islands, French Antilles, 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 is to any port in the nation of origin.
Another sugar future contract, Sugar #14, differs primarily from Sugar #11 in the shipping terms for the contract. Sugar #14 Calls for delivery of cane sugar in bulk at named Atlantic and Gulf ports, Cost, Insurance and Freight (CIF) duty paid.
Sugar No. 11 futures are delivered every year in January, March, May, July, and October.
The following is a table with Sugar No. 11 futures delivery dates and resultant tickers for 2009. For an explanation on commodity tickers see commodity ticker construction.
|Delivery Month||Full Ticker Symbol||Thomson-Reuters Symbol|
One Sugar No. 11 futures contract on the New York Board of Trade is 112,000 pounds.
3:30a.m. - 2:00p.m. EST
Last business day of the month preceding the delivery month (except January, which is the second business day before the 24th calendar day of the prior month).
Raw centrifugal cane sugar based on 96 degrees average polarization.