U.S. Sugar Supplies Raised as Larger Production More Than Offsets Reduced Imports

Sugar production is raised in 2020/21, mainly driven by an upward revision to beet sugar production based on a higher expected extraction rate. Cane sugar production is also increased, with larger expected output in Louisiana. Imports are lowered for 2020/21 and raised for 2019/20 based on a revision to Customs data. The increase to 2019/20 trade results in an increased estimate of direct consumption. Weaker imports for 2020/21 are more than offset by the upward revisions to production, resulting in larger ending stocks and a slight boost to the ending stocks-to-use ratio. The only changes to Mexico’s supply and utilization figures this month are minor offsetting export adjustments.