U.S. 2013/14 sugar tariff-rate quota (TRQ) imports are reduced by 72,000 short tons, raw value (STRV) based on end of year reporting by the U.S. Customs Service. Imports from Mexico are decreased by 12,000 STRV to 2.124 million with al most all import data in for the fiscal year. Texas cane sugar production is reduced by 2,000 STRV based on revised processor data. Ending stocks for 2013/14 are reduced by 86,000 STRV to 1.810 million, implying an ending stocks-to-use of 14.5 percent. For 2014/15, imports from Mexico are increased by 461,000 STRV to 1.549 million. Beet sugar production is increased 170,000 STRV to 4.970 million based on analysis of National Agricultural Statistics Service data. Cane sugar is reduced 19,000 STRV to 3.572 million based on processors’ reporting. As a residual , ending stocks are increased by 526,000 STRV to 1.554 million for an ending stocks-to-use ratio of 12.8 percent, up 4.3 percentage points over last month.
For Mexico in 2013/14, imports are reduced by 96,000 metric tons (MT), all of which were intended for Mexico’s re-export program (IMMEX) for sugar-containing products. In a mostly parallel adjustment in use, deliveries to the IMMEX are reduced by that same 96,000 MT, plus 10,000 MT from reductions in domestic sourcing, based on pace to date. Deliveries for consumption are reduced by 50,000 MT after a fall-off in late seas on domestic shipments. Total deliveries are, therefore, decreased by 156,000 MT. Based on U.S. import data, exports to the United States are decreased by 11,000 MT. Based on adjustments to data, exports to non-U.S. destinations are increased by 1,000 MT (681,000 total) and production is increased by 1,000 MT (6.021 million total). These changes imply ending stocks at 685, 000 MT, for a stocks-to-consumption ratio of 16.5 percent.
For 2014/15, total Mexico supply is increased by 71,000 MT in beginning stocks. Deliveries for consumption are decreased by 52,000 MT in line with the reduction made for 2013/14. Ending stocks are still forecast at 22 percent of cons
umption for an 11,000 MT reduction to 936,000 MT. Because total exports are forecast as a residual , their change is equal to the sum of the other changes (positive for supply, negative for use), or 134,000 MT, for a total of 1.650 million. Exports
to non-U.S. destinations based on contracts are reduced by 260,000 MT to 325,000. FEESA, the entity which runs the nine government-owned mills in Mexico, announced that it had renegotiated one earlier contract and is committed to export 40,000 MT instead of the earlier negotiated 300,000 MT. As a consequence, exports to the United States are residually calculated at 1.325 million MT, up 394,000 MT.
Source: USDA WASDE