World Agricultural and Demand Estimates November 8, 2024

SUGAR: U.S. sugar supply and use for 2023/24 are updated with final year data from SMD
and FAS. Production is increased 171,190 short tons, raw value (STRV) based on larger-
than-expected production in September for beet sugar and for cane sugar in Louisiana.
Imports are decreased by 89,030 STRV mainly on a reduction in re-export imports estimated
by FAS. Deliveries for human consumption are increased 53,540 STRV to 12.354 million on
a pickup in deliveries in September. Re-export products are reduced 31,984 based on
processors’ adjustments to earlier submitted data. Exports at 249,231 STRV are up 24,231
over last month. Ending stocks are reported by processors at 2.162 million STRV for an
ending stocks-to-use ratio of 16.87 percent.
USDA/NASS in the November Crop Production decreased 2024/25 national sugarbeet yield
to 32.7 tons/acre from 33.1 tons/acre last month. Sugarbeet production decreases by
372,000 tons to 35.201 million. NASS also decreased the sugarcane yield in Louisiana to
32.0 tons/acre from 32.2 last month. The Louisiana sugarcane crop for sugar is projected
lower at 15.846 million tons. Crop year beet sugar and Louisiana cane production are
lowered on this basis. Fiscal year production levels are reduced even more in both cases as
production levels in September counted in 2023/24 were larger than expected, as mentioned
above. Beet sugar production is projected at 5.210 million STRV, down 136,910 from last
month. With Florida cane sugar production the same as last month, national cane sugar
production is projected at 4.066 million STRV, down 81,349 from last month. Imports are
increased by 12,968 STRV mostly attributable to increased imports of high-tier raw sugar
reported by Customs and Border Protection (CBP) through the first week of November.
Deliveries for human consumption are up 50,000 to 12.350 million in line with the increase
for 2023/24. Ending stocks at 1.464 million STRV are down 323,974 for an ending stocks-to-
use ratio of 11.66 percent.
For 2023/24 Mexico imports of sugar for its IMMEX program are reduced by nearly 100,000
metric tons (MT) based mostly on data made available to USDA by CONADESUCA. This
data is not available on a monthly basis but only after the marketing year is over. Deliveries
to IMMEX are decreased by a like amount. There are also fewer deliveries from domestic
production into the program. For 2024/25 imports are increased by 70,755 MT. The FAS
Mexico City Post reports that this sugar was booked in 2023/24 but has yet to arrive. Exports
are residually projected at 1.006 million MT. Exports under license to the United States are
unchanged at 338,023 MT. Exports not under license at 667,803 MT are up 73,829 over last
month.