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U.S. 2024/25 Sugar Supply and Use Lowered; Mexico’s 2024/25 Sugar Production Reduced
In the February World Agricultural Supply and Demand Estimates (WASDE), the U.S. 2024/25 sugar supply is lowered from last month by 101,000 short tons, raw value (STRV) to 14.393 million as the increases in beginning stocks and beet sugar production are offset by the decreases in cane sugar production and imports. Sugar use for human consumption is lowered by 75,000 STRV to 12.275 million on slower-than-expected deliveries in the first fiscal quarter (October–December). Total sugar use is reduced by the same magnitude to 12.480 million. Thus, ending stocks are down 26,000 STRV to 1.913 million and the corresponding ending stocks-touse ratio is 15.3 percent, slightly down by 0.1 percentage points.
Mexico’s 2024/25 sugar production is reduced to 4.859 million metric tons (MT), actual weight, a 235,000-MT reduction from last month’s 5.094 million, primarily on lower outlook for sucrose recovery and area harvested. Total imports are increased based on continued entries of sugar contracted in 2023/24. Deliveries to the Industria Manufacturera, Maquiladora y de Servicios de Exportación (IMMEX) manufacturers are down due to the higher use of high-fructose corn syrup. To maintain ending stocks that are about 2.5 months-worth, exports outside of the U.S.-Mexico suspension agreements are lowered; exports to the United States are unchanged at 531,000 MT.