USDA not expecting sugar forfeitures in first quarter of 2014
By Daniel Enoch
© Copyright Agri-Pulse Communications, Inc.
WASHINGTON, D.C., Dec. 31, 2013 -- USDA is not expecting any sugar forfeitures under the Feedstock Flexibility Program in the first quarter of 2014, Agriculture Secretary Tom Vilsack said.
The December World Agriculture Supply and Demand Estimates (WASDE) report projects sugar supplies at the end of the fiscal year at a level that is unlikely to lead to forfeitures, Vilsack said in a statement released by the department's Farm Service Agency.
USDA can activate the FFP if forfeitures are expected. Under the program, sugar producers can repay government-backed loans with sweetener put up as collateral when prices fall below set levels. The department may then sell the excess sugar to ethanol producers.
USDA will reconsider action under the FFP before April 1, according to the statement.
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