Global sugar prices opened May at fresh lows and remained volatile throughout the month. After rising approximately USD1 cent/lb during the first half of May, prices collapsed to new lows by month-end, with the prompt July settlement falling below USD17 cents/lb. The fundamental outlook presents a mixed picture, the latest ISO Quarterly Market Outlook report shows a widening deficit of 5.466 mln tonnes in the 2024/25 season, while the outlook for 2025/26 indicates a return to a modest surplus.