Sugar industry concerned for flooded sugar market
The American Sugar Alliance remains concerned about the abundance of subsidized Mexican sugar being exported to the US at a time when the American sugar growers are producing record crops. The Alliance says Mexican sugar is causing US prices to plummet to 1980 levels and the forfeiture of an estimated 85 thousand tons of sugar valued at 34.6 million.
The Alliance applauds the US Department of Agriculture for purchasing more than 50-million dollars in sugar and implementing a sugar-to-ethanol program to help alleviate falling prices. Without those efforts the Alliance says it is likely the forfeiture of 35-million would have been higher. Another 300-million in sugar loans come due at the end of September - and if prices remain depressed - they say those loans are in danger of forfeiture as well.
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