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Insight Focus
US sugar market activity slowed as prices eased. Beet storage weather and larger harvest supplies pressured values, while cane sugar prices fell alongside global futures. Tariff uncertainty with Brazil also influenced market sentiment, as sweetener contracting continued slowly.
US Cash Sugar Market Slows as Prices Ease
Activity in the US cash sugar market was slow during the week ending November 28. Spot and calendar 2026 prices for both beet sugar and cane sugar supplies were steady to lower.
The low end of the range of Midwest spot and 2025–26 beet sugar values declined for a second straight week, stepping down 1c/lb while the high side remained steady at 48c/lb. “For beets, we’ve got promising storage weather right now, but we still have a long way to go,” one Midwest processor said, who was offering beet sugar supplies near the high side of the range.
A stretch of frigid weather across the Red River Valley and surrounding areas mostly brought ideal conditions for sugar beets stored in outdoor piles. But processors remained cognizant of risk factors, as an early spring or an extended stretch of warm winter temperatures could initiate premature thawing, which might deteriorate the sugar beets and impact sucrose content.
Also, while most growers were finished with harvest, the average total sugar content of the lifted sugar beets will not be known until much more of the crop is processed.
For the first time in several months, cane sugar prices for either spot or forward periods were adjusted lower. Recent declines in world raw sugar futures have applied pressure to US values, even though prices in the past week regained some of those losses.
Tariff Adjustments Stir Speculation
Also weighing on the market was the developing trade deal between Brazil and the US. On July 30, US President Donald Trump imposed a 40% ad valorem duty on top of a 10% reciprocal tariff on Brazilian imports, which included cane sugar.
However, after negotiations between the two countries, President Trump on November 20 said he was retroactively rolling back the ad valorem tax on certain agricultural goods starting from November 13. Brazilian imports of coffee, cocoa and beef were included in the exemption, but it did not appear that sugar was included.
Ideas from several trade sources were that a tariff withdrawal on sugar imports did not make sense given the current weak tone in the sugar market. Still, the domestic market may be responding to the potential that sugar imports will eventually be exempted.
Also adding pressure was the growing volume of supplies from both the sugar beet and sugar cane harvests. Reports from US sugar cane growers said sugar content was higher and that they were pleased to have a crop unaffected by hurricanes this year.
Contracting of corn sweeteners for 2026 continued to advance, although activity slowed during Thanksgiving week. Higher-than-expected corn supplies, along with questions about export demand for high-fructose corn syrup from Mexico in 2026, should work in favour of buyers needing to complete 2026 annual contracts, although refiners continue to note higher input and labour costs.
