Last week, estandar gave up 1.2 percent, while refined gave up just 0.3 percent. Estandar pricing lost 4.4 percent for this month, through Nov. 26; for that same period, refined pricing lost 2.6 percent.
As of Nov. 17, seven mills have begun crushing out of 18 that had been estimated to have begun by mid-November. As a result, cane crush is less than a quarter for the forecast for the first half of the month. Carry-in for 2018/19 was estimated at 1.396 MMT, up about 35 percent YOY. For October alone, domestic consumption is estimated down 2 percent from October 2017.
Exports for 2018/19 through Nov. 18 totaled 88,701 MT physical, including 30,000 MT exported to Morocco. Exports to the U.S. total 41,673 MT; IMMEX shipments reached 14,908 MT.
The peso has weakened against the U.S. dollar in the second half of November, arguably feeling the effects of economic uncertainty at the national and global levels. The peso is currently near lows not seen since mid-June. From the perspective of its debt and deficit, at least, Mexico may be on more solid footing than some comparable developing economies. While its economic growth may not be the equal of China or India, Mexico’s GNP growth is estimated at a respectable 2.2 percent for 2018. OECD estimates a modest acceleration of growth above that 2.2 percent in the next two years.
Mexico domestic sugar reference price