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1、EconomicResearchService
2、SituationandOutlookReportSSS-M-380
3、April15,2020NextreleaseisMay18,2020SugarandSweetenersOutlookMichaelMcConnell,coordinatorDavidOlson,contributorHigherImportsRaiseExpectedU.S.SugarStocksfor2019/20TheU.S.DepartmentofAgricultureincreasedvolumesofthe
4、2019/20WorldTradeOrganization(WTO)rawandrefinedTariffRateQuotas(TRQs),resultinginhighersuppliesandendingstocksforecastfor2019/20.Theprojectedendingstocks-to-useratioisstillexpectedtobehistoricallytight,butitissignificantlyhigherthanthepreviousmonth’sforecast.Mexico’ssuga
5、rcanehadanunprecedentedareaharvestrateduringMarch,butitisstillexperiencinglowyieldsduetowidespreaddroughtconditions.Productionfor2019/20israisedslightly,allowingforsmalladditionalsuppliestobeexportedtoboththeUnitedStatesandotherdestinations.U.S.sugarsupply,use,andendings
6、tocks,2006/07to2019/201,000STRV16,00014,00012,00010,0008,0006,0004,0002,0000(est.)(proj.)2006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/182018/192019/20EndingstocksTotalsupplyTotaluseNote:Shorttons,rawvalue(STRV)Source:USDA,WorldAgricul
7、turalOutlookBoard.ApprovedbyUSDA’sWorldAgriculturalOutlookBoardUnitedStatesOutlookIncreasedImportsUnderQuotaProgramsRaiseU.S.SugarSuppliesIntheUSDA’sAprilWorldAgriculturalSupplyandDemandEstimates(WASDE),U.S.sugarsuppliesfor2019/20areprojectedtototal13.699millionshorttons
8、,rawvalue(STRV)—a547,000-STRVincreasefromthepreviousmonth’stightmarketprojection.WithnochangesprojectedforU.S.sugaruse,thestocks-to-useratioisraisedfromlastmonth’slevelof7.2percentto11.7percent.Thisisstillrelativelytightbyhistoricalstandardsbutclosertotherecenthistorical
9、range.Table1:U.S.sugar:Supplyanduse,byfiscalyear(Oct./Sept.),April2020Items2018/192019/202018/192019/202017/18(estimate)(forecast)2017/18(estimate)(forecast)1,000Shorttons,rawvalue1,000Metrictons,rawvalueBeginningstocks1,8762,0081,7831,7021,8221,617Totalproduction9,2938,
10、9998,0388,4308,1637,292Beetsugar5,2794,9394,2984,7894,4803,899Canesugar4,0144,0603,7403,6413,6833,393Fl
