USDA to purchase more domestic sugar


The USDA said it intends to buy more sugar from domestic cane sugar producers in a bid to prevent forfeitures of sugar stocks under loan, as prices for the sweetener continued to hover around four-year lows.

The move follows similar actions earlier this month, when the agency bought 91 238 tonnes from domestic producers for US$43.8m (€33m) and traded it for import credits worth 299 153t, saving an estimated $66.9m in avoided sugar forfeitures.