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Record sugar crops expected in US

Discussion in 'Technical Analysis' started by AllFXBrokers, Jul 13, 2016.

  1. AllFXBrokers

    AllFXBrokers Member Trader

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    USDA released its monthly World agricultural supply and demand estimates report (WASDE) where it forecasts production of sugar in US will be 3% higher than in 2014/15 season and 3.5% higher than in 2016/17 season. At the same time sugar imports to US are expected to fall by around 10%. Will it drive sugar prices lower?

    Current sugar crop in US may surpass the record high of 1959/60 agricultural season. For this reason, its purchases in Mexico are to rise by 20% or by around 200 thousand tonnes. This volume may reach the global market and cause price correction. Now sugar prices are around one third above the level of early 2016. The additional negative for its prices is forecast of Brazilian agency CEPEA that volume of sugar cane processing in San Paulo state may rise on favourable weather conditions.

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