September 12, 2023

SUGAR: U.S. sugar supply for 2022/23 is raised by 90,589 short tons, raw value (STRV) on increased production and imports while use is decreased by 55,000 on lower deliveries partially offset by an increase in exports. Beet sugar production is increased 31,812 STRV on final August-July crop year production reported by processors in the SMD. Production benefitted from high relative levels of sucrose recovery in all regions but especially in the Red River Valley. The production estimate for August and September 2023 for sugarbeets harvested this season is unchanged. A small reduction is made for lower cane sugar production than reported last month for Texas. High-tier tariff imports are increased by 60,000 STRV on additional imports of raw sugar by cane refiners in August. High-tier tariff refined sugar imports for August were close to that estimated last month and are, therefore, unchanged. For use, deliveries for human consumption are lowered 75,000 STRV to 12.500 million, reflecting a continuing decrease in the delivery pace seen these last few months and with only two months of remaining data to be reported in the fiscal year. These final month deliveries can be influenced by the level of beet sugar production occurring during this period. The delivery decrease is partially offset by a combined 20,000-STRV increase in exports and deliveries to re-export sugar product manufacturers. Ending stocks are increased by 145,589 STRV to 2.159 million for ending stocks to-use ratio of 17.06 percent, an increase of 1.22 percentage points over last month.