WASDE Report ([field title])

SUGAR: U.S. sugar supply for 2023/24 is increased 304,831 short tons, raw value (STRV) to 14.682 million on increases in production and imports. With the end of beet slicing in all regions except California, USDA has adopted beet processor estimates of production from slice at 4.882 million STRV. With a small reduction in beet sugar from desugared molasses, beet production for the fiscal year is estimated at 5.179 million STRV, an increase of 133,781. Cane sugar production in Florida is increased by 5,791 STRV on processors’ SMD reporting. Imports are increased by 165,259 STRV to 3.619 million. High-tier tariff imports are increased 115,000 STRV on the strong pace through early July. Raw high-tier for the year is estimated at 700,000 STRV and refined is at 270,000 STRV. Sugar from imported molasses used as refiners’ melt input is estimated at 58,899 STRV, up 11,753, mostly on a revision of a technical conversion factor. Imports from Mexico are increased 38,506 STRV, as a proportion of early season imports were from 2022/23 production in Mexico. Sugar use is increased 42,912 STRV on the strong pace of exports to Mexico. Residually estimated ending stocks increase to 1.986 million STRV implying an ending stocks-to-use ratio of 15.6 percent.