SUGAR: Projected U.S. sugar supply for fiscal year 2012/13 is increased 122,000 short tons,
raw value, compared with last month, due to higher carry-in stocks and a small increase in
imports from Mexico. The increase in 2011/12 ending inventories is a result of higher-thanexpected production and lower total use more than offsetting lower imports. These 2011/12
changes are mainly the result of end-of-year final estimates. For 2012/13, U.S. exports are
increased 25,000 tons, in line with an increase in Mexico’s imports. For Mexico, higher 2012/13
carryin stocks and imports are nearly offset by higher expected deliveries of sugar for the
products re-export program.