April 11, 2023
SUGAR: U.S. sugar supply is increased by 176,692 short tons, raw value (STRV) to 14.637 million on increased imports from last month. On March 13, 2023, USTR announced the reallocation of 247,182 STRV from countries that stated they do not plan to ship their original raw sugar TRQ allocation. USDA projects that only 46.5 percent of the reallocation, or 114,905 STRV, will enter, implying a new shortfall projection of 132,277, down from 254,632 projected last month. High-tier tariff imports are increased to 225,000 STRV on raw sugar imported during March by a refiner and by an increase in projected monthly refined imports based on the pace to date. There is a small partial offset of 10,179 STRV from combined calendar year 2022 FTA TRQs where the sugar failed to enter before December 31. Beet sugar production is down by 10,285 STRV on slightly lower recovery and a corresponding small increase in beet pile shrink. Cane sugar production is up 5,430 STRV on processor reporting in Florida and Texas. Because sugar use is unchanged, ending stocks increase by the full extent of the supply increase to 1.897 million STRV, resulting in an increase in the ending stocks-to-use ratio to 14.89 percent.
Annual Meeting -- SAVE THE DATES !
Feb 6-8, 2020