The September WASDE forecasts are always insightful for new-crop sugar production as early beet harvest is underway at many of the cooperatives, and cane harvest is just a couple weeks away. This report did not disappoint with beet production increased 150,000 STRV to 5.223 million STRV as the crops are all considered to be average to above average despite some challenging early growing conditions. Cane forecasts were not quite as promising as oppressive heat and dry conditions are wreaking havoc on Louisiana growers, leading the USDA to cut their forecast from a record 2.054 million STRV down to the smallest crop since 2019/20 at 1.682 million STRV. 

U.S. cane sugar production for 2023/24 is projected at 3,758,000 STRV, with Florida production at 2,034,000 STRV, Louisiana production at 1,682,000 STRV, and Texas production at 42,000 STRV. 

U.S. sugar beet production for 2023/24 is projected at 5,223,000 STRV, an increase from last month’s estimates. 

The stocks-to-use ratio is projected at 13.5 percent, up from August. 

Further data and analysis of this month’s WASDE are available to our IQ subscribers.
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Source: 123rf.com
Posted by: Information Services
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