USDA slightly lowers 2017/18 supply estimate
Published: 09/13/2017, 10:58:20 AM
The US Department of Agriculture (USDA) on Tuesday marginally lowered its outlook for sugar supplies in the 2017/18 marketing year as higher demand and lower domestic production offset expectations of more imports, according to Reuters.
The USDA pegged the closely watched stocks-to-use ratio at 13.2 for 2017/18, down from 13.3 last month and from the 14.1 estimated for the current crop year that runs through end-September.
Domestic output will total 8.93 million short tons (8.1 million tonnes), down versus an August projection of 8.97 million tons but up from this year's level of 8.85 million.
Imports will rise to 3.69 million tons in 2017/18, USDA said in its monthly supply-demand report. That was up from 3.34 million tons this year and from last month's forecast for 3.63 million tons.
US demand for the sweetener will total 12.70 million tons in 2017/18, up from last months' outlook of 12.60 million tons and from this year's level of 12.48 million tons, the USDA said.