In a typically quiet WASDE report, USDA lowered 2018/19 sugar production a combined 42,457 short tons raw value (STRV) on a 7,000 STRV cut for beet sugar and a 36,000 STRV cut for Florida cane sugar. With imports and demand unchanged, 2018/19 carryout fell to 1.625 million STRV, shaving the stocks-to-use ratio down to 13.2 percent.
U.S. sugar production & stocks-to-use ratio history
Source: USDA, McKeany-Flavell
USDA still sees food deliveries at 12.125 million STRV, up 0.6 percent YOY; this forecast is bullish compared to last year’s 0.4 percent decline in food use deliveries. From October through February, total deliveries for human use (including products re-exports by reporters) are down 0.4 percent YOY.
Monthly domestic sugar deliveries for food use