Global raw sugar prices started July at a 50-month low, after the July raw sugar expiry at the end of June returned only limited buy-side interest. Raw sugar prices recovered by around 5% in the first week of July and traded in a range for the rest of the month. The white sugar price held firm during the first half of July, ahead of the August expiry, while the second half of the month saw narrowing arbitrage values, basis the October contracts. Fundamentally, the market continues to monitor the CS Brazil harvest, with the first half of July returning an all-time high cane total and sugar allocation but with disappointing sugar recovery per tonne of cane processed.