The Market in April 

The ISA daily price fell during 14 out of 22 trading days in April to reach a new 14-month low of USD19.22 cents/lb near month-end. A lower average ISA daily price for April ended the 12-month run during which the sugar price index exceeded the vegetable oil index within the broader FAO food prices index.

Fundamentally, the larger Brazil exports during recent months, which represent the off-season for the CS Brazil region, has boosted market supply. Meanwhile, the start of CS Brazil production in the first half of April and increased urgency to hedge anticipated output, thanks in part to a weaker BRL, have contributed to recent world price weakness.