SUGAR: U.S. fiscal year 2016/17 beet sugar production is decreased 64,000 short tons, raw value (STRV) based on lower expected sucrose recovery.
Cane sugar production in Texas is reduced by 2,795 STRV based on final processor reporting. TRQ imports entering under Free Trade Agreements
are increased by 2,555 STRV. Deliveries for human consumption are increased by 100,000 STRV based on pace to date. Ending stocks for 2016/17
are estimated at 1.477 million STRV.

Sugar production for 2017/18 is projected at 8.700 million STRV, the sum of beet sugar production of 4.950 million and cane sugar production of
3.750 million. Imports for 2017/18 are projected at 3.858 million STRV and are comprised of TRQ imports of 1.373 million; re-export imports of
175,000; imports from Mexico of 2.301 million; and high-tier tariff imports of 10,000. Projected 2017/18 TRQ imports of specialty sugar include
only the WTO minimum quantity because any additional quantities have not been announced by the Secretary of Agriculture. Exports for 2017/18
are projected at 25,000 STRV. Deliveries for human consumption are expected to increase 1.0 percent year-over-year to 12.322 million STRV.
Ending stocks for 2017/18 are projected residually at 1.534 million, implying an ending stocks-to-use ratio of 12.3 percent.