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U.S. Sugar Residuals Easing

WASHINGTON - Feb 10/04 - SNS -- Residual supplies of sugar in the United States are showing some downward movement, but they remain well above the levels experienced during either of the previous two marketing years, according to the latest report from the USDA's World Agricultural Outlook Board.

Projected U.S. sugar production for fiscal year 2003-04 is decreased 18,000 short MT, raw value, from last month, based on processors' production projections and estimates compiled by the Farm Service Agency.

Lower beet sugar production more than offsets higher cane sugar production. On the use side, lower sales to manufacturers under the re-export program are offset by higher sales for domestic food use. The projected stocks-to-use ratio is 19.7%, compared with 20.3% last month.


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