U.S.D.A. exchanges rest of forfeited sugar
by Ron Sterk
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WASHINGTON, D.C. – The U.S. Department of Agriculture said Sept. 26 it had exchanged 26,003 tonnes (28,663 tons) of sugar obtained through sugar loan forfeitures at the end of August for 65,836 tonnes (72,572 tons) of refined sugar re-export credits, resulting in a net reduction to the market of 39,833 tonnes (43,908 tons).
The exchange, coupled with an earlier exchange of 51,448 tonnes (56,712 tons) of sugar for about 139,882 tonnes (154,193 tons) of refined sugar re-export credits, allowed the U.S.D.A. to exchange all of the 77,451 tonnes (85,375 tons) of sugar that had been forfeited as collateral for government loans at the end of August.
In a separate action, the U.S.D.A. said bids from biofuel producers to buy up to 415,000 tons of sugar offered in its second Feedstock Flexibility Program (F.F.P.) tender were being reviewed and successful participants would be notified Sept. 27, with results publicly announced Sept. 30. The F.F.P. tender was the latest of several attempts to avoid forfeitures of sugar put up as collateral for loans maturing Sept. 30.