USDA ERS: Sugar and Sweeteners Outlook August 17, 2023

U.S. Outlook Summary

Outlook for Larger Sugar Supplies Raised Stocks-to-Use Ratio in 2022/23 and 2023/24

In the August 2023 WASDE report, the U.S. sugar supply in 2022/23 is raised from last month by 148,000 STRV to 14.729 million as larger import volumes of re-export program sugar, Mexican sugar, and high-tier duty sugar offset the slight decrease in beet sugar production (table 1). The 2022/23 sugar use is lowered by 25,000 STRV to 12.715 million on the continued slowdown in the delivery pace of sugar for human consumption. Thus, ending stocks in 2022/23 are increased by 173,000 STRV to 2.014 million and the resulting stocks-to-use ratio is 15.8 percent, up from last month’s 14.4 percent.

U.S. sugar supply in 2023/24 is raised from last month by 223,000 STRV to 14.682 million on larger beginning stocks, beet sugar production, and imports. Sugar use is unchanged at 12.740 million STRV. As a result, ending stocks in 2023/24 are raised by 223,000 STRV to 1.942 million and the corresponding stocks-to-use ratio is revised upwards from last month’s 13.5 percent to 15.2.