Minor bounce for Mexico sugar pricing; early sugar output still lagging
Reference pricing for Mexico sugar strengthened modestly in week of Nov. 22. In recent weeks, estandar has appreciated more strongly, rebounding after its weaker showing from June through October. Refined is holding steady after a more modest decline from August through October.
Following price peaks in 2020 (estandar) and early 2021 (refined), the rebalancing of the market has been a significant factor in relative price patterns later in 2020/21 and into this new market year.
Source: SNIIM, McKeany-Flavell
Through the eighth week of Mexico’s 2021/22 crush campaign, production is lagging slightly from last season and about a third below the forecast for this season. Cane tonnage and sugar content are strong.
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