Anyone knows the difference between 11 and 14? 11's chart is down and 14 is up mostly recently. In my market, I only have one sugar, so I don't know if I could compare it with 11 or 14.
Sugar #11 is sometimes called "international sugar", Sugar #14 is called "domestic sugar", and Sugar #5 is refined beet sugar (aka "white"). Sugar #14 specifically calls for sugar delivered at ports in the US. Sugar #11 is freely traded, sugar #14 is subject to a wide variety of American trade restrictions, price support structures, etc. Before jumping into the spread, you'd have to understand what the governmental maneuvering is to know why there's a spread between #11 and #14. #11 versus #5 might be an interesting spread (the latter trading at LIFFE), both are free from US trade controls.