Milling & Baking News - March 21, 2023 - 54

MARKET trends
1,000 tonnes, raw value
TUES | 03 21 2023
Sweeteners
Contracting of bulk refined sugar for
2023-24 continued at a brisk pace last week.
Prices were firmer. The amount of prospective
supply that processors were willing
to sell before the beet crop is even planted
quickly was approaching levels that will
mean price increases to discourage sales or
sellers pulling out of the market.
Beet processor sales roared past the
50% of prospective production mark and
were nearing 75% or more as the week progressed.
Some processors said they were
nearly overwhelmed with pricing inquiries.
At least one beet processor was reassessing
its position after vigorous sales, and another
indicated it intended to do the same. One
processor pulled out of the market at week's
end and some others were selling selectively.
Some beet processors plan to cut off sales
earlier than in past years to protect themselves
from a potential shortfall in supplies.
They will at least wait to see how many beet
acres are planted and possibly longer before
reentering the market to sell the remainder
of their supply. Some cane processors also
were a bit more cautious this year. In recent
years force majeures by beet processors
have forced buyers to cane refiners, who in
some cases were not able to accommodate
the increased volume despite higher prices.
There was concern about weather and soil
conditions in northern areas, primarily in
the Red River Valley and in northern beet
growing areas of the Western Sugar Cooperative.
Cold air and soil temperatures along
with ample moisture and snow still on the
ground in the Upper Midwest did not bode
2022-23
Midwest beet
Pacific beet
Northeast cane*
REFINED SUGAR
March 17
60N
60N
62.00
-
-
- Change from -
March 10 March 3
-
-
-
-
Year
ago
42.00
42.00
52.00
f.o.b. plant, cents per lb
*Spot raw plus 7% plus 20.75¢ with 2% cash discount, for spot only,
N=Nominal
well for early sugar beet planting.
Pricing was firm to higher. Some beet
processors raised offers for 2023-24 up to 53¢
to 53.50¢ a lb f.o.b. and were actively selling
at the higher levels. Prices for refined cane
sugar mostly were unchanged at 57¢ to 57.50¢
a lb f.o.b. Northeast and West Coast for calendar
2024, from 54¢ a lb to 56¢ a lb f.o.b. Southeast
and 55¢ to 56¢ a lb f.o.b. Gulf depending
on seller and delivery period. One refiner
who had been around 54¢ a lb f.o.b. in the Gulf
recently moved up to 55¢ to 56¢ a lb. Spot cane
sugar still was offered at 62¢ a lb
f.o.b. across the country.
The March 13 reallocation
by the Office of the US Trade
Representative of 247,182 tons
of raw cane sugar tariff-rate
quota imports had no apparent
impact on nearby sugar prices
or contracting for 2023-24.
Indications were more beet
sugar was available on the spot
market from some beet processors
due to buyers' underperformance
on contracts. While
not all processors were able to
take part, at least some were
reselling sugar that buyers
didn't take. Beet sugar had
50
100
150
200
250
0 Oct. N Dec.ov.
Jan. Feb.
2023
Mar April ayM June July ug. A Sept.
.
Source: US Department of Agriculture and US Census Bureau
US imports of sugar from Mexico in
February were estimated at 120,021 tonnes,
down 2.8% from January and down 27%
from a year ago.
ICE No. 11
May
July
October
March
cents per lb
been nominally priced at 60¢ a lb f.o.b., but
indications were some could be purchased
slightly below that level.
Corn sweetener markets mostly were
routine with numerous buyers still not fully
covered for 2023. Supplies were expected to
be tight for the rest of the year. MBN
US IMPORTS OF SUGAR FROM MEXICO
22-23
21-22
20-21
19-20
ICE No. 16
May
July
September
November
January
March
RAW SUGAR FUTURES
March 17
37.50
37.45
37.27
36.56
36.56
36.56
March 17
20.67
20.15
19.87
19.85
-.80
-.90
-1.03
-.44
-.44
-.44
- Change from -
March 10 March 3
+.15
-
-.18
Year
ago
36.60
36.60
36.50
-.09 35.65
-.09 34.60
-.09 34.60
- Change from -
March 10 March 3
-.49
-.45
-.50
-.55
-.25
-.10
-.11
Year
ago
18.93
18.81
-.05 18.84
19.02
18-19
100% Pure & Natural Honey
Amber, Light Amber, Extra Light Amber & Organic
Sweetener Supply is proud to participate in SMETA and
is committed to ethical and responsible sourcing.
888-SUGAR-99
Sweetenersupply.com
http://www.Sweetenersupply.com
Milling & Baking News - March 21, 2023

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