C.C.C. sells 216,750 tons of sugar
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WASHINGTON — The U.S. Department of Agriculture’s Commodity Credit Corp. said Nov. 22 it sold 216,750 tons of sugar for use in biofuel production under the Feedstock Flexibility Program (F.F.P.) in its Nov. 14 tender that closed Nov. 20.
The C.C.C. acquired 296,500 short tons of sugar on Oct. 1 in lieu of repayment of remaining 2012 crop year sugar loans that came due Sept. 30. The remaining 79,750 tons of sugar not sold in the tender was reoffered for sale by the C.C.C. “for both bioenergy production under the F.F.P. and other non-food uses.”
The sugar was sold for $11.3 million, about a 90% discount to the loan values for which it was forfeited.
Under the 2008 farm bill, the C.C.C. is prohibited from selling forfeited sugar for domestic human consumption unless there is an emergency shortage.
The C.C.C. sold 143,143 short tons of sugar under previous F.F.P. tenders a couple of months back.