In the week of Jan. 17, reference prices for Mexican sugar appreciated marginally, up 0.3 percent for estandar and 0.7 percent for refined. Pricing remains down from elevated levels a year ago.

Source: SNIIM, McKeany-Flavell

After depreciating against the dollar in late November, the peso has gained strength in December and January but remains above levels seen in Q2 and Q3 2021.

Harvest pressure would be presumably influencing prices at this time of year, but a dip in weekly sugar production may be countering the overall supply outlook for 2021/22 and anticipated weakness in export demand. USDA currently forecasts U.S. imports of Mexican sugar near 1.07 million STRV, up from 0.97 million STRV last season but down from the ten-year average near 1.39 million STRV.

Source: SADER, McKeany-Flavell

Mexico weekly sugar production by season

Source: SNIIM, McKeany-Flavell
Posted by: Information Services
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