Mexico’s sugarcane campaign is looking to show a strong close of the 2021/22 season. Harvest area has finally passed last year’s pace, a further boost for overall crush. Sugar content remains up YOY.
Seven mills were still crushing at the end of the week of Jun. 11, three of which had been initially forecast to end their crush in the first half of the month. Rains in the south of the country are reportedly slowing harvesting and fieldwork.
The U.S. anticipates a tighter sugar market next season and is likely to further lean on supply from Mexico, and USDA will soon present in more detail how it will seek to rebalance the domestic market. The forecast for imports from Mexico will set the tone for 2022/23, and more specifically, the Base Export Limit will be set at 50 percent of the expected import needs from Mexico in the July WASDE.
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