The Sugar No. 11 contract is the world benchmark contract for raw sugar trading. The contract prices the physical delivery of raw cane sugar, free-on-board (FOB) the receiver’s vessel in a port within the country of origin of the sugar. The seller pays to ship the sugar to a port, and is responsible for loading costs. The buyer, however, is responsible for unloading costs. In the case of landlocked countries, it would be delivered at a berth or anchorage in the customary port of export.
Sugar No. 11 can be sugar originating from any one of 28 countries including the US, Brazil, Mexico, Argentina, etc. Its quality standard is defined as raw centrifugal cane sugar based on 96 degrees average polarization.