The ISA daily raw sugar price weakened during the first half of May to post a lower average, down 7.5% compared to April. Fundamentally, the start of the CS Brazil harvest provides an increase in exports to the world market. Futures prices often move ahead of such events, with producer hedging evident for the past several months. A weakening BRL further enhance the return of the hedge. The average ISA Daily Raw Sugar Price fell to USD18.92 cents/lb in May from USD20.46 cents/lb in April. This is the third consecutive month of decline in prices, now 27.5% below the November 2023 average of USD26.09 cents/lb.