CNDSCA reported Mexico 2022/23 sugar output through May 13 at 5.10 MMT, down nearly 13 percent YOY, matching the YOY drop that USDA expects for the entire season. 

USDA forecasts 2023/24 production rebounding nearly 10 percent YOY—assuming no challenging weather from now until the start of the harvest, typically around early November. 

Reference prices continued rising through May 19. The peso remains near seven-year highs vs. the dollar. 

The full version of this commentary appeared on our IQ platform May 22, 2023. Further information, statistics, and pricing for Mexico’s sugar market are available to IQ subscribers. Learn more about becoming a subscriber.

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