Market Outlook
See the latest Sugar and Sweeteners Outlook report.
U.S. Supply Higher in 2022/23, Lower in
2023/24; Mexico's 2022/23 Imports Up
In the September 2023 World Agricultural Supply and Demand Estimates (WASDE), the 2022/23 U.S. sugar supply is raised from last month by 91,000 short tons, raw value (STRV) to 14.819 million on larger beet sugar production and high-tier tariff imports. Conversely, U.S. sugar use in 2022/23 is lowered by 55,000 STRV to 12.660 million on the continued slowdown in pace of domestic sugar deliveries for human consumption. With higher total supply but lower use, ending stocks are raised by 146,000 STRV to 2.159 million and the resulting stocks-to-use ratio is 17.06, larger by 1.22 percentage points from last month’s 15.84 percent and the largest since 2013/14.
Mexico’s 2022/23 sugar supply is raised from last month by 54,000 metric tons (MT) to 6.442 million on larger imports expected, which translates to larger deliveries to companies participating in the Industria Manufacturera, Maquiladora y de Servicios de Exportación (IMMEX) program. Mexico’s 2023/24 sugar production is reduced by 100,000 MT to 5.8 million due to the expected, cumulative, and negative impacts of the ongoing drought.
