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Insight Focus
US sugar sales remained slow last week. Weaker demand and sliding global futures limited price strength despite tariff support. Harvest progress was uneven, with rapid gains in the Red River Valley and weather delays elsewhere.
Sugar Sales Lag While Futures Slide
Sales for 2025-26 maintained a slow pace during the week ending October 17, and prices were mostly unchanged. Some inquiries for 2027 were occurring, but major sales for that period were not expected anytime soon. The focus remained on harvest activities.
One Midwest processor raised its 2026 price to 48c/lb FOB, up from 46c/lb previously. Others left prices unchanged for now. Ideas were that the steady climb in forward Midwest beet sugar prices, which have gained an average of 17% from the lows reached in the spring, may be approaching a ceiling.
Weaker demand and uncertainty from multiple angles have softened the recent show of strength. However, some sellers were leaving room for beet sugar prices to push higher, especially for 2027 contracts, as tariffs continued to provide plenty of hurdles to importing cheaper supplies.
However, the nearly resolute downward slide in global sugar futures prices may render import taxes less significant for some US buyers—particularly those committed to using cane sugar—especially if US cane sugar prices move higher.
For now, though, US cane sugar prices remain unchanged, and US beet sugar prices are not expected to revert to their previous lows, as some viewed the earlier plummet as an overreaction to market indicators and believed those levels were unsustainable for producers.
Harvests Show Uneven Progress Across US
Trade sources said harvest activities were ongoing, though some areas were experiencing difficulties. The Louisiana sugar cane harvest was reported to be about 15% complete. Collection of the Florida sugar cane crop remained in its early stages, as progress was stalled by persistent rains and cane-crushing equipment that was slow to ramp up after several months of inactivity.
Harvest of the sugar beet crop in the Red River Valley was advancing quickly. Excellent weather conditions had some believing the harvest might wrap up ahead of schedule, but one processor said warm daytime temperatures could prolong the harvest, as they were still too high to support outdoor beet piling. Piling was taking place for processors with access to indoor facilities where fans kept the piles cool.
There were some difficulties with the sugar beet harvest in Michigan. Weeks of dry weather had affected the crop, and yields were expected to fall sharply below trend. Recent rains brought some relief to the area, but many felt the moisture was “too little, too late.” Exacerbating the situation was a warmer-than-average fall in the region, which also prevented outdoor piling and could further reduce yields if an early frost arrives before the crop is fully lifted.
Deliveries continued at a steady pace, particularly to the retail sector, with processors noting that baking season demand had finally started to ramp up.
Annual contracting of corn sweeteners for 2026 remained slow.
