USDA cuts US sugar imports estimate on better local supply
The U.S. Department of Agriculture (USDA) projects the U.S. will reduce sugar imports by 34% in 2024/25, needing only 2.53 million short tons (ST), compared to 2023/24. Record local production of 9.47 million ST, driven by favorable weather, and high ending stocks from 2023/24 (2.27 million ST), contribute to a stocks-to-use ratio of 14.2%.
The United States is projected to sharply reduce the amount of sugar it will need to import in the new season that starts in October, data released by the U.S. Department of Agriculture (USDA) on Thursday showed.
The USDA estimates the country will import 2.53 million short tons (ST) of sugar in 2024/25, 34% less than it did in 2023/24.
The country is set to have a record local production in 2024/25 of9.47 million ST as both the production of beet in northern areas and sugarcane in the south benefited from favorable weather.
USDA data also showed a high level of ending stocks from the 2023/24 season at 2.27 million ST, which helped to increase the sugar supply level.
Stocks-to-use ratio in 2024/25 is seen by the government at 14.2%, above the level of 13.5% that it considers adequate for the local market.
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Source Link : https://www.xm.com/research/markets/allNews/reuters/usda-cuts-us-sugar-imports-estimate-on-better-local-supply-53924593
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