Commodities and Futures News

US to import more expensive sugar as Mexican supplies falter

2024.02.08 13:17


© Reuters. Workers spray fertilizer in a sugar cane area in Zacatepec de Hidalgo, in Morelos state, Mexico, May 31, 2017. Picture taken May 31, 2017. REUTERS/Edgard Garrido/File Photo

NEW YORK (Reuters) – The United States will import sugar at increased prices from locations apart from its primary provider Mexico, as manufacturing there has fallen due to hostile climate situations, the U.S. Department of Agriculture (USDA) mentioned on Thursday.

The USDA in its month-to-month provide and demand report (WASDE) projected that imports at decrease tariffs from Mexico will fall to 799,000 brief tons (ST) from the 922,000 ST anticipated beforehand.

The U.S. authorities company expects Mexico’s sugar manufacturing to fall to 4.87 million ST in 2023/24 (Oct-Sept), almost 350,000 ST lower than within the earlier crop.

“The sugarcane harvest in Mexico continues to lag at levels unprecedented in recent times. All relevant production parameters (yields and recovery) through Feb. 2 are several standard deviations below 10-year averages with no improvement being seen as time advances,” it mentioned.

The USDA projected that the U.S. will now import 715,000 ST on the highest tariff, up from January’s estimate of 575,000 ST, to make up for falling Mexican supplies.

U.S. sugar manufacturing was little modified at 9.35 million ST.

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