With large quantities of sugar currently on the domestic market, the U.S. Department of Agriculture will use its waiver authority under the Refined Sugar Re-Export Program to temporarily permit licensed refiners to transfer program sugar from their license to another licensed refiner through Sept. 30.
USDA will also temporarily increase the license limit for raw cane sugar refiners from 50,000 metric tons raw value of credits to 100,000 metric tons raw value of credits through Dec. 31, 2014. Beginning Jan. 1, 2015, the credit limit will revert to 50,000 metric tons raw value. No change is being made to the 50,000-metric-ton-raw-value limit for debits on the licenses.
Federal law requires USDA to operate the sugar program, to the extent possible, at no cost to the government.
USDA said it will “continue to monitor the U.S. sugar market and may take further actions if necessary.”