U.S. Sugar Market Outlook

The CSC Sugar trading desk takes a look at the September WASDE report and offers analysis and guidance for the months ahead. WASDE Highlights Increased U.S. production by 240K st.236 beet and 4 cane. Decreased estimate of Mexico Quota by 813K st. ZERO change to deliveries, even though the data shows that 2017/2018 deliveries are likely to be flat or lower than 2016/2017. Ending Stocks to Use set at 13.5 for calculation purposes to set the Mexico Quota. Mexico is guaranteed a minimum of 50% of the July WASDE estimate of 70% of the Sept WASDE, whichever is higher. Therefore the minimum is currently 827.5k st, or 50% of the July estimate. Mexico Refined Quota estimated to be 229K MT in 2018/19

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