Mexico’s sugar market has seen low production and pricing compared to previous estimates.
Prices for sugar have been lagging compared to what they were last year and, in the week of Feb. 20, estandar prices continued to fall, down about 1 percent from the preceding four-week period.
CNDSCA now estimates a more modest production for 2022/23, down from previous forecasts and from the February USDA forecast.
Despite the current outlook for Mexico’s sugar market this year, refined pricing strengthened this past week, now up a considerable percentage compared to last year. Refined production, however, saw the biggest drop in production, on a percentage basis, down from where production was this time last year.
Through the week ending Feb. 18, sugarcane tonnage and sugar content continue to lag year-ago levels. As a result, despite a higher harvest area, sugarcane crush and sugar production are down 5 percent and 8 percent YOY, respectively.
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