World Agricultural and Demand Estimates December 10, 2024

SUGAR: U.S. sugar supply for 2024/25 is increased by 231,466 short tons, raw value
(STRV) to 14.251 million on an increase in imports only partially offset by reduced sugar
production and lower beginning stocks. High-tier raw sugar imports are increased 118,712
STRV to 161,313 on actual imports recorded by Customs and Border Protection (CBP)
through the first week of December. High-tier refined sugar imports are unchanged from last
month at 260,535 STRV and the sugar-equivalent of molasses imported by refiners is also
unchanged at 54,645 STRV. Imports from Mexico are expected to increase 225,963 STRV to
620,925 to meet U.S. Needs as stipulated this month in the CVD Suspension Agreement
administrated by the Department of Commerce. Beet sugar production is decreased by
50,000 STRV on lower amounts of sugar extracted from sugarbeet molasses. Because there
are no use changes, the change in supply flows through to ending stocks for a projected total
of 1.696 million STRV, implying a stocks-to-use ratio of 13.5 percent.
For 2023/24, re-export imports as estimated by FAS are increased 46,032 STRV to 271,521.
Deliveries for human consumption from direct consumption imports increase by the 46,032
STRV-total to 12.400 million STRV.
There are no changes to components of supply and use in the Mexico balance sheet for
either 2023/24 or 2024/25. Although 2024/25 total exports are projected unchanged at 1.006
million metric tons (MT), exports under license to the United States increase 193,387 MT and
are exactly offset by a like-reduction of exports to countries not under license.