USDA forecasts sugar production in Ukraine at 1.5 million tons

UkrAgroConsult

Sugar production in Ukraine in 2023/24 MY is forecasted at 1.5 million tons, which is 13% more than in the previous season. This forecast was made by analysts of the US Department of Agriculture (USDA).

The increase will be due to the growth of sugar beet acreage, which will increase by 21% this year to 220 thousand hectares.

The volume of sugar beet production in 2023/24 MY is expected to reach 10.3 mln tonnes, up 13% compared to the current season (9.1 mln tonnes).

According to the USDA analysts, the ending stocks of sugar in 2023/24 MY will increase by 2.6 times to 313 thsd tonnes, as the industry will return to stockpiling.

According to USDA estimates, the EU will remain the largest market for Ukrainian sugar due to the inability to ship it from Ukrainian seaports to other destinations.

Ukraine’s sugar exports are projected at 250 thousand tons, but rising world prices may stimulate Ukrainian exports in 2023/24 MY to compensate for the losses caused by the full-scale invasion of Russia and falling domestic consumption.

Tags: Ukraine, sugar, crop forecast