Global raw sugar prices trended lower during June. Meanwhile, the white sugar market outperformed the bigger raws market. The collapse in values on the last day of June, which might have some resonance with the July expiry on that date, gives the market further leg lower, with the prompt contract expiring below USD15 cents/lb. The ISO's May Quarterly Market Outlook projected a 5.466 mln tonne deficit for the 2024/25 season (ending in September) followed by a modest surplus in 2025/26. However, recent production data suggests the current deficit may be widening further. Brazil's Centre-South region reported unexpectedly low production in the first half of June, while hot weather across recent weeks has deteriorated beet sugar prospects in the EU and other European countries.