USDA lowered 2023/24 sugar production in today’s WASDE report: beet and cane sugar production each fell 1 percent from their respective April estimates. Production is now pegged at 9.131 million short tons, raw value. Imports increased to 3.438 million STRV, up slightly from last month. USDA’s 2024/25 sugar balance sheet shows production increasing 1 percent year over year, thanks to improved cane sugar production in Louisiana.  

The May WASDE confirmed that corn use is stronger this year than estimated earlier. USDA added 50 million bushels to use estimates for ethanol and exports, which lowered 2023/24 ending stocks by 100 million bushels. New-crop 2024/25 S&D estimates were included in the May report and were around expectations.

USDA is expecting a 5 percent increase in U.S. soybean crush in 2024/25, to help produce enough soybean oil to satisfy demand from the biofuel industry. Use of soybean oil for biofuel production is forecast to hit 14.0 billion pounds in the new season, up from 13.0 billion pounds this marketing year. 

Due to physical shortage of cocoa beans in Ghana and Ivory Coast, exporters are requesting to fulfil up to 500,000 MT of cocoa beans sold next year instead. 

The May WASDE’s 2024/25 outlook for wheat shows the prospect of higher stocks. Production recovering to 1.86 billion bushels relies on yield being slightly better than in 2023/24. Higher beginning stocks—688 million bushels carried over from 2023/24 vs. just 570 million carried over from 2022/23—should also help with wheat supply in the new marketing year. 

This report summarizes a small sampling of the information available on our IQ Ingredient Intelligence platform. Further insights, statistics, analysis, and pricing information for these commodities and others are available to IQ subscribers.

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Posted by: Information Services
Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.