Reference pricing for Mexican sugar was down a little over 1 percent for estandar (down 1.3 percent) and refined (down 1.1 percent) as of Dec. 14, as might be expected as more mills begin crush. With stocks tighter, refined pricing is naturally expected to be more resilient in the short term.
Through the tenth week of the Mexican crush campaign, harvest area is up nearly 80 percent YOY, and crush is up 69 percent YOY. Sugar production is up about 85 percent YOY, highlighting strong sugar recovery thanks to more favorable weather in recent months. SADER reports that 31 mills are already crushing.
Weather damage has been reported as largely inconsequential despite the phenomenally active Atlantic hurricane season.