July 12, 2023
SUGAR: U.S. sugar supply for 2022/23 is raised by 82,447 short tons, raw value (STRV) on increased imports only partially offset by lower production while use is lowered 75,000. The resulting 157,447-STRV stock increase pushes the total to 1,840,610 STRV for an ending stocks-to-use ratio of 14.45 percent. U.S. beet sugar production is estimated at 5,146,621 STRV, a decrease of 24,185 on processors’ estimates of their beet sugar from sliced beets. All beet slicing is complete except for the ongoing campaign in California. No changes were made to beet production occurring in AugustSeptember 2023. Cane sugar in Florida is reduced by 31,987 STRV on processor reporting. TRQ raw imports are increased by 137,789 STRV on USDA’s increase announced last week. There is no change in TRQ shortfall as USTR has not yet announced country allocations. Re-export imports are reduced by 125,000 STRV after data reconciliations were completed by USDA and Custom and Border Protection (CBP). Greater sugar supply availability in Mexico results in an import increase of 25,830 STRV. High-tier tariff imports are increased by 100,000 STRV to 350,000 on a large raw sugar entry made in June and on a higher expected pace of refined sugar imports for the remainder of the fiscal year. Use is reduced by 75,000 STRV to 12,740,000 on an observed slowing of the pace of deliveries for human consumption.
Annual Meeting -- SAVE THE DATES !
Feb 6-8, 2020