See the latest Sugar and Sweeteners Outlook report.
U.S. 2026/27 Sugar Supply Is Raised; Mexico’s 2025/26 Sugar Production Is Finalized
U.S. 2026/27 sugar supply is forecast at 14.436 million short tons, raw value (STRV), up 169,000 STRV from last month as increases in beginning stocks and imports more than offset a reduction in beet and cane sugar production. Beginning stocks are raised 219,000 STRV on upward adjustments to the 2025/26 beet sugar production and imports. Sugar imports from Mexico for 2026/27 are maintained at 1,346,085 STRV and will be recalculated by the U.S. Department of Commerce next month per the sugar suspension agreements. U.S. sugar use is unchanged at 12.571 million STRV. Thus, ending stocks are at 1.865 million STRV (up 169,000) and the stocks-to-use ratio is 14.8 percent (up 1.3 percentage points from last month’s 13.5 percent).
Mexico’s 2025/26 sugar production is finalized at 5.325 million metric tons (MT), while 2026/27 production is unchanged at 5.377 million. Mexico’s 2026/27 beginning stocks are raised 64,000 MT. With no other changes to the other variables, sugar exports outside of the suspension agreements are residually increased by the same amount to 205,000 MT; the rest of Mexico’s exports (1.152 million MT or 1.346 million STRV) are forecast to be U.S. bound.