World Agricultural and Demand Estimates April 10, 2025

SUGAR:

U.S. sugar supply for fiscal year (FY) 2024/25 is increased by 143,758 short

tons, raw value (STRV) to 14.461 million on increases in high-tier tariff imports and

beginning stocks more than offsetting a decrease in sugar production. Raw high-tier tariff

imports entering the United States from October 1 through the first week of April totaled

261,758 STRV, an increase of 88,070 over the previous month. Refined high-tier tariff

imports totaled 237,104 STRV over the same period for a monthly average of 39,517

STRV. A decrease in the pace is posited as more likely than an increase or unchanged

due to historically high current levels of refined beet and cane sugar that could increase

competition for refined high-tier from the domestically produced product. Monthly entries

for the remaining 6 months of the fiscal year are projected, therefore, at 75 percent of the

first six-month average, implying total high-tier refined at 414,931 STRV. Molasses

imported as an input in sugar refining is unchanged at a sugar-equivalence of 54,645

STRV. Sugar production is decreased 39,316 STRV, mostly on lower cane sugar

production in Florida from lower sugarcane yields reported by processors. With no

changes for sugar use, ending stocks are projected up by the supply increase to 2.016

million STRV for an ending stocks-to-use ratio of 16.20 percent.

The sugar balance in Mexico is unchanged from last month.