March 9, 2016

SUGAR: U.S. sugar beginning stocks for 2015/16 are increased by 40,990 short tons, raw value (STRV) based on refiners’ corrected
data for 2014/15 as published in Sweetener Market Data.
U.S. sugar production for 2015/16 is projected at 8.827 million STRV, a decrease of 21,901. Florida cane sugar is decreased 27,492
STRV to 2.108 million. While Florida cane processors have produced only 1.084 million STRV through January due to difficult harvest
conditions, no processor has forecast reduced sugarcane production, with all maintaining that the harvest will be extended by at
least a month to meet all individual processor sugarcane production goals. The National Agricultural Statistics Service (NASS)
forecasts Florida sugarcane for sugar at 16.974 million tons. Based on refiner projections, sucrose recovery will be lower by 2.5
percent due to the extended harvest. Cane sugar production levels for all other States are unchanged from last month. Beet sugar
production is increased by a small 5,591 STRV to 5.016 million as reduced beet pile shrink is partially offset by lower expected
sucrose recovery.

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