Milling & Baking News - February 21, 2023 - 54

MARKET trends
TUES | 02 2 1 2023
Sweeteners
Light sugar sales for the next marketing
year were noted last week at steady to firm
prices. Spot sales were limited, and some
sellers said draw on contracted supplies was
slower than expected.
Sales for 2023-24, mainly for JanuarySeptember
2024 as the October-December
2023 quarter mostly was covered, continued
within recent price ranges. Inquiries from
buyers were moderate to active, held in check
by planned face-to-face meetings during the
International Sweetener Colloquium Feb.
26-March 1 in La Quinta, Calif. Many expect
sales to surge shortly after the Colloquium.
Some beet processors indicated sales for next
year already were ahead of last year's pace.
Pricing indications for 2023-24 were
unchanged with a firm tone. Beet sugar was
offered at 52½¢ a lb f.o.b. Midwest, and cane
sugar was offered at 54¢ to 55¢ a lb f.o.b.
Southeast. Large users were said to be able
to buy sugar below those levels. Some cane
refiners indicated they may enter the market
in the 52¢ to 54¢ a lb range f.o.b. Gulf.
Sales for the current marketing year were
nil as beet processors had no sugar to offer
unless buyers failed to take contracted supplies,
which could easily be resold at higher
levels, although some processors opted to
build depleted stocks rather than resell
undelivered sugar.
Spot sugar prices were unchanged. Cane
sugar was available from one major refiner
at 62¢ a lb f.o.b. at all locations.
Some traders continued to express doubt
about the US Department of Agriculture's
2022-23 beet sugar production forecast in the
2022-23
Midwest beet
Pacific beet
Northeast cane*
REFINED SUGAR
Feb. 17
60N
60N
62.00
-
-
- Change from -
Feb. 10
-
-
-
f.o.b. plant, cents per lb
*Spot raw plus 7% plus 21.3¢ with 2% cash discount, for spot only,
N=Nominal
Feb. 8 World Agricultural Supply and Demand
Estimates report. Should the beet sugar forecast
fall short, supplies could tighten later in
the year, especially if Mexico is unable to meet
its current US export limit due to lower-thanexpected
sugar production. US imports of
sugar from Mexico were strong in January,
but average sugar prices in Mexico were near
record highs, and sugar production to date
was well behind a year ago.
Total US imports of sugar in the first
four months of the 2022-23 marketing year
(October-January) were on track with USDA
projections, although sectors varied widely.
High-duty imports and World Trade Organization
raw and refined sugar tariff-rate quota
imports were well ahead of the pace needed
to meet the projections, while free trade
agreement TRQ imports, re-export program
imports and imports from Mexico were well
42% HFCS spot price1
Feb. 17
Midwest
Northeast
Southeast
Southwest
West
30 @ 35
32 @ 37
32 @ 37
31 @ 36
33 @ 38
ICE No. 11
March
May
July
October
cents per lb
behind the needed pace, according to data
from the USDA and the US Census Bureau.
World raw sugar futures prices recently
hit six-year highs amid near-term supply
tightness. Prices were expected to weaken as
the year progresses. A recent Reuters poll of
11 traders and analysts indicated they expect
nearby world raw sugar futures prices to
drop more than 10% by yearend to around
18.50¢ a lb.
Corn sweetener markets mostly were routine
with numerous buyers still not fully covered
for the year. Some high-fructose supply
was available from distributors, but glucose
and dextrose were in short supply. MBN
2022
25½ @ 29
27 @ 30½
27¼ @ 30¾
26¾ @ 30¼
27½ @ 31¾
Midwest
CORN SWEETENERS
55% HFCS spot price1
38 @ 43
Feb. 17
Northeast
Southeast
Southwest
West
40 @ 45
40 @ 45
40 @ 45
41 @ 46
2022
32¾ @ 38¾
34¼ @ 40¼
34¼ @ 40¼
34 @ 40
34¾ @ 40¾
2021 prices; Delivered basis, cents per lb
1-Variations in prices often tied to tank car versus truck deliveries. 2-Regular 42 DE/43 Baume, f.o.b. tank cars, trucks
Corn syrup2
2023
47@52
49@54
49@54
50@55
51@56
East
South
Dextrose
2023
70.00@75.00
Midwest 69.00@74.00
West
71.00@76.00
72.00@77.00
Feb. 3
-
Year
ago
41.00
42.00
52.00
ICE No. 16
May
July
September
November
January
March
RAW SUGAR FUTURES
Feb. 17
36.99
36.75
36.55
36.54
35.99
35.99
Feb. 17
21.41
19.80
19.32
19.21
-.01
-.24
-
-
-
-
- Change from - Year
Feb. 10 Feb. 3
ago
-.21
35.00
-.24 35.45
+.05 35.65
+.04 35.40
-.01
-.01
33.25
33.25
- Change from - Year
Feb. 10 Feb. 3
ago
-.17
-.24
-.05
-.01
+.17
-.19
18.20
17.62
+.04 17.52
+.05 17.70
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Amber, Light Amber, Extra Light Amber & Organic
Sweetener Supply is proud to participate in SMETA and
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888-SUGAR-99
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Milling & Baking News - February 21, 2023

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