September 12, 2024

SUGAR: U.S. sugar supply for 2023/24 is increased 239,152 short tons, raw value (STRV) to 14.941 million on increases in production and imports. Beet sugar production is increased by 41,049 STRV mostly on higher expected production occurring in August and September from the early season 2024 sugarbeet crop. Likewise, cane sugar production in Louisiana is increased by 53,024 STRV on higher expected production in September from the early season 2024 sugarcane crop. Imports are increased by 145,000 STRV on increases for reexport imports (up 32,000) and high-tier tariff/other imports (up 82,400 STRV). The raw hightier tariff estimate is at 824,380 STRV and the refined high-tier tariff estimate is at 289,574. Calendar year FTA imports expected in the fourth quarter of 2024 arrived in August, adding 25,600 STRV to 2023/24 but reducing FTA imports for 2024/25 by the same amount. Imports from Mexico are increased for small amounts expected to enter in August and September. Use is increased modestly as increased re-export product deliveries are only partially offset by a reduction in exports. Residually-estimated ending stocks stand at 2.278 million STRV for a stocks-to-use ratio of 18.0 percent, up from 16.1 last month.

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