SUGAR: Changes in supply and use for 2016/17 in both the United States and Mexico are made on the basis of full fiscal
year data published by USDA in Sweetener Market Data and by CONADESUCA in their September National Balance
Report. U.S. beet sugar production is estimated at 5.101 million short tons, raw value (STRV) after record production in
the month of September. U.S. deliveries for human consumption are reported at 12.130 million STRV, a reduction of
70,411 from last month’s estimate, likely due to stronger-than-expected hurricane-related operational and shipping
disruptions in the final months of 2016/17. U.S. ending stocks are estimated at 1.834 million STRV, up 102,294 over last
month for an ending stocks-to-use ratio of 14.8 percent. In Mexico, deliveries for human consumption are estimated at
4.515 million metric tons (MT). Along with an increase of deliveries of high fructose corn syrup (HFCS) to 1.531 million
MT, dry weight, per capita domestic sweetener consumption in Mexico is estimated at 48.5 kilograms, up from the
previously estimated 47.8. Mexico ending stocks are estimated at 1.002 million MT, a reduction of 43,749 from last
month.