USDA ERS: Sugar and Sweeteners Outlook August 16, 2024

Sugar and Sweeteners Outlook August 16, 2024

U.S. Outlook Summary
In the August World Agricultural Supply and Demand Estimates (WASDE), the U.S. 2023/24 sugar
supply is raised from last month by 20,000 short tons, raw value (STRV) to 14.702 million on larger
imports and Florida cane sugar production offsetting lower beet sugar production (table 1). Total
imports are raised 69,000 STRV to 3.689 million, the second largest behind 2019/20, on increases
in high-tier tariff sugar (up 59,000 STRV to a new record of 1.029 million) and sugar from Mexico
(up 11,000 STRV to 515,000—the lowest in 13 years). Deliveries for human consumption are
reduced 50,000 STRV to 12.300 million, more than offsetting the combined 13,000-STRV increase
in other delivery categories. With exports unchanged at 241,000 STRV, total use is lowered 37,000
STRV to 12.659 million. Thus, ending stocks are raised 57,000 STRV to 2.043 million STRV, which
corresponds to a stocks-to-use ratio of 16.1 percent, up 0.5 of a percentage point from last month.
The U.S. 2024/25 sugar supply is raised 240,000 STRV to 14.490 million as a 57,000-STRV
increase in beginning stocks and a record-high domestic sugar production of 9.514 million STRV
(figure 1) more than offset a slight 5,800-STRV reduction in imports. A 127,000-STRV increase in
beet sugar production results in a record volume of 5.363 million; an additional 62,000-STRV in
Florida production raises the national cane sugar output to 4.151 million, also a record. Deliveries
for human consumption are lowered 50,000 STRV to 12.300 million, which aligns with 2023/24.
With no changes to exports or other delivery categories, total use is reduced 50,000 STRV to
12.505 million STRV. The larger supply and smaller use results in ending stocks increasing by
290,000 STRV to 1.985 million STRV, which correspond to a stocks-to-use ratio of 15.9 percent,
up 2.4 percentage points from last month.