In the November, 2022, World Agricultural Supply and Demand Estimates (WASDE) report, the 2022/23 U.S. total sugar supply is reduced from last month as lower sugar production and imports offset the higher beginning stocks.
Deliveries for human consumption are reduced by 25,000 short tons, raw value (STRV) to 12.500 million in light of the reduction in 2021/22 deliveries. The 2022/23 ending stocks are lowered by 171,000 STRV to 1.701 million, resulting in a stocks-to-use ratio of 13.5 percent, down from last month’s 14.8 percent.
The 2021/22 U.S. and Mexican supply and use balance sheets are finalized based on complete fiscal year data. Final sugar production and imports raised the 2021/22 total supply from last month. High-tier imports are finalized at a record high of 390,000 STRV. Deliveries for human consumption are adjusted downward by 80,000 STRV to 12.470 million on lower-than-expected September deliveries.
Despite this decrease, the 2021/22 deliveries are a new record, overtaking the prior high of 12.250 million STRV in 2019/20 by 1.8 percent. The 2021/22 final ending stocks are increased to 1.814 million, implying a stocks-to-use ratio of 14.3 percent, 0.3 percentage points higher than last month.
