UPDATE 1-USDA raises 2018/19 domestic sugar stocks outlook, cuts 2019/20

(Adds details)

NEW YORK, Nov 8 (Reuters) - The U.S. Department of Agriculture (USDA) on Friday slightly raised its outlook for sugar stocks this year, but lowered its outlook for the 2019/20 crop year.

The USDA slightly raised the closely watched stocks-to-use ratio for 2018/19 to 14.5 from 14.04 last month. The department put the ratio at 10.5 percent for 2019/20 compared with its forecast of 14.52 last month.

In its monthly report, the agency forecast U.S. production in 2019/20 to reach 8.612 million short tons (7.81 million tonnes), compared to the 9.18 million tons the agency forecast last month, with national sugar beet production and cane output in Texas both seen declining.

While U.S. imports from Mexico are seen remaining fairly steady, the USDA slightly reduced its projections for Mexican production in the 2019/20 season.

Mexican sugar production in 2018/19 is forecast to remain steady at 6.426 million tonnes. Mexican production in the 2019/20 season is seen at 5.772 million tonnes, compared to last month's forecast of 6.065 million tonnes.

To read more of this month's USDA sugar outlook, see WASDE10. (Reporting By Jessica Resnick-Ault Editing by Chizu Nomiyama)

© Copyright Thomson Reuters 2019. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about

Tip of the Day

Galvanized screen squares make great piping barriers

pipe mesh form To form barriers for birds and rodents, I use my metal press and PVC pipe caps to mold and shape ¼-inch galvanized screen squares. Pieces... read more

Talk in Marketing

Most Recent Poll

What are the benefits to using a farmland leasing/purchasing tool?