The USDA's latest WASDA report provides an updated outlook on the U.S. sugar market for 2023/24 and 2024/25, detailing key changes in supply, production, and trade.
U.S. sugar supply for 2023/24 has increased by 304,831 STRV to 14.682 million STRV, driven by higher production and imports.
For 2024/25, U.S. beet sugar production is forecasted at 5.236 million STRV, reflecting increases in harvested area and yields.
Imports from Mexico to the U.S. are projected to decrease significantly by 348,325 MT under the CVD Suspension Agreement, impacting trade dynamics.
The U.S. sugar supply for 2023/24 has increased by 304,831 STRV to a total of 14.682 million STRV, driven by higher production and imports. Beet sugar production is estimated at 5.179 million STRV, with cane sugar production in Florida up by 5,791 STRV. Imports have risen by 165,259 STRV, largely due to high-tier tariff imports and imports from Mexico.
For 2024/25, U.S. sugar supply is projected to increase by 249,972 STRV, primarily due to higher beginning stocks and beet sugar production, offsetting a reduction in imports. Beet sugar production is forecasted at 5.236 million STRV, reflecting increased harvested area, higher yields from early planting, and expanded capacity for desugared molasses.
The U.S. sugar market is experiencing significant adjustments in trade. Imports from Mexico are projected to decrease under the CVD Suspension Agreement, resulting in a reduction of 348,325 MT of sugar imports to the U.S. market. However, program imports and high-tier tariff imports are set to increase, balancing the overall supply dynamics.
The overall outlook for the U.S. sugar market in 2024/25 shows a robust supply with increased production and stable use. The ending stocks-to-use ratio is projected at 13.50 percent, indicating a well-supplied market. In Mexico, imports for consumption and the IMMEX program are expected to rise, while exports to the U.S. will decrease significantly.
Hedgify’s platform enables businesses to manage these market fluctuations by locking in prices and mitigating risks, ensuring stability in the evolving sugar market.
The information provided in this market insight is for general informational purposes and should not be considered financial advice. It is not intended to offer any financial recommendations or endorsements. Any decisions made based on the content are the sole responsibility of the reader.
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