Through the week of Feb. 4, the 19th week of Mexico’s 2022/23 sugar campaign, cumulative cane harvest area was reported up 3.8 percent YOY. Due to poor cane yield (tonnage), however, total cane crush is still down 6.5 percent YOY, and with the sugar yield (recovery) also lagging last year’s, sugar production is down 9.2 percent YOY at 2.065 MMT.

In the last reported week, harvest area was up over 15 percent YOY. Tonnage was still 63.2 MT per hectare (ha) vs. 74.3 MT per ha a year prior, and sugar recovery is 11.0 percent vs. 11.4 percent a year ago. As a result, cane crush and total sugar production were still down 2.0 percent and 4.8 percent, respectively. In the February WASDE, USDA kept its estimate for Mexico sugar production at 5.9 MMT for 2022/23.

Though reference prices for both estandar and refined sugar are down nearly 1 percent over the last four weeks, prices are still up strongly YOY: Estandar is up 22 percent YOY, refined up 14 percent YOY.

Mexico refined sugar reference price, seasonal comparison

Source: SNIIM, McKeany-Flavell
Posted by: Information Services
Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.