WASHINGTON — The U.S. Department of Agriculture on July 10 said it purchased a total of about 91,238 tonnes of beet and raw cane sugar at a cost of $43,835,033. The purchase was made to reduce the current domestic sugar surplus in the United States.
The total included 54,946.4 tonnes of raw cane and 36,291.3 tonnes of beet sugar. The purchased sugar was exchanged for a total of 264,704.6 tonnes of refined sugar re-export credits and 34,448 tonnes of Certificates of Quota Eligibility (C.Q.E.), at ratios ranging from 2.8 to 5.0.
A total of 163,680 tonnes of sugar had been offered for sale to the U.S.D.A., including 91,000 tonnes of raw cane and 72,680 tonnes of beet.
The U.S.D.A. on June 17 issued an invitation to buy up to 85,000 tonnes of domestic sugar to exchange for refined sugar re-export credits. The invitation was amended June 24 to include exchanges for C.Q.E.s.
It was the first purchase of sugar by the U.S.D.A. due to oversupply since 2000.