It is reported by Nasdaq.

According to a report by food information supplier Sosland Publishing Co released on Wednesday, beet sugar sales advanced to between 75% and 80% of prospective 2023/24 U.S. production late in March, compared to only around 40% a month earlier.

«Some beet processors were stepping away from the market sooner than in past years to avoid over-selling after adverse weather resulted in lower production and four force majeures since 2019», — the report said.

«Plus, some are unsure of planted area as growers may opt to plant more profitable crops», — it added.

U.S. sugar supply has been tight since at least 2020, and prices have gone up.

The report said beet sugar, which is refined, was offered on the West Coast for up to 61 cents per pound. As a comparison, the global benchmark for refined sugar, ICE's white sugar futures LSUc1, were trading at around 28 cents per pound on Wednesday.

American sugar users have complained to the government lately about restrictions to more imports or to larger quotas for local production, saying the supply tightness is leading to prices that are much higher than international prices.