World Agricultural and Demand Estimates January 10, 2025

World Agricultural Supply and Demand Estimates (WASDE) January 10, 2025

SUGAR: U.S. sugar supply for 2024/25 is increased 242,943 short tons, raw value
(STRV) to 14.494 million on increases in beet sugar production, imports, and beginning
stocks. Beet sugar production is increased 178,030 STRV to 5.338 million mainly on an
increase in beet sugar recovery from sliced sugarbeets from 14.751 percent last month
(10-year Olympic average) to 15.106 (statistically derived from recovery data for the
August-November portion of the 2024/25 crop year sugar campaign). High-tier tariff/Other
imports are increased 40,387 STRV on imports recorded by Customs and Border
Protection (CBP) through the first week of January above what was expected for the
period last month. Projected 2024/25 high-tier raw sugar is at 166,966 STRV and high-
tier refined is at 295,269 STRV. Sugar from imported molasses is unchanged at 54,645
STRV. Beginning stocks are increased 24,054 STRV on changes made by refiners and
processors in the revised 2023/24 Sweetener Market Data (SMD). Because there are no
use changes, the change in supply flows through to ending stocks for a projected total of
1.939 million STRV, implying a stocks-to-use ratio of 15.44 percent.
For 2024/25 in Mexico, additional imports of 9,434 metric tons (MT), previously
contracted, are expected to enter during the marketing year. With ending stocks
unchanged, exports are increased by that same amount. Exports under license to the
United States are unchanged at 531,409 MT. All of the change is for exports not under
license.

DW Montgomery & Company has provided extensive market and contractual expertise within the sugar industry for over 70 years. Our family has now three generations working within the business and has grown to include a large variety of organic and natural ingredients. It is our pleasure to serve you and assist you in your purchasing needs.

All the best,

David Montgomery, Jr., Paul Montgomery, Andrew Montgomery, and David Montgomery III