For October as of Oct. 24, the average price for estandar sugar was 1,513 pesos per 50 kg, up 12 percent MOM and up 15 percent YOY. The October average for refined was 1,662 pesos, up 4 percent MOM and up 51 percent MOM. 

Though Mexico has continued to import sugar—at full-tariff rates—prices have not seen a notable slow-down in growth—much less a correction lower. A large portion of key sugarcane regions in Mexico are reported to be under severe to extreme drought conditions, and other key regions have at least experienced moderate drought or atypical elevated dryness. Pacific storms could bring some more moisture to the Pacific coast and central and southern Mexico, but the crop outlook remains dire after the paucity of rain during the regular rainy season. 

Reporting on the new-crop crush campaign typically begins around mid-November, though the campaign is not likely to be in full swing until January, after the December holidays. 

The full version of this commentary appeared on our IQ platform Oct. 24, 2023. Further information, statistics, and pricing for the sugar market are available to IQ subscribers. Learn more about becoming a subscriber.

Posted by: Information Services
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