Reference pricing for sugar was largely flat last week. Estandar was down marginally from the four-week average, while refined was up just half a percent.
The estandar reference price is up about 10 percent YOY, while refined is up nearly 11 percent YOY.
Through the 18th week of Mexico’s campaign, hectarage harvested is down nearly 12 percent YOY at almost 227,000 hectares, while cane crush is down nearly 19 percent YOY. Cane tonnage is weaker this year at 73.55 MT of cane per hectare vs. 79.74 MT per hectare a year ago.
Sugar production to date is 1.619 MMT, down about 22 percent from last season and down nearly 20 percent from the five-year average.
CNDSCA is forecasting total production near 5.67 MMT in 2019/20, down around 8 percent or 520,000 MT from output in 2019/20.