Reference pricing for Mexican sugar has continued its three-month divergent trend: weakening for estandar, appreciation for refined. The most recent estandar pricing shows a drop of 0.5 percent from the previous week and of 0.7 percent from a month ago.
Conversely, refined is up 0.6 percent week on week and up 1.0 percent from a month ago.
U.S. and Mexico have signed new amendments to the 2014 Suspension Agreements now regulating exports of Mexican sugar to the U.S. The new amendments appear to reestablish the provision of amendments previously ordered vacated on procedural grounds.
As of the most recent report, harvest area is down 17 percent YOY. Cane crush is down by a quarter vs. a year ago, and cumulative sugar output is 856,796 MT, down 72 percent YOY.