News International Sugar Journal

US taxpayers likely to shoulder $300 million bill to support the industry [Registered]

Oversupply of sugar in the US sugar market has adversely impacted sugar price in that is triggering emergency measures that may cost taxpayers $300 million, reports Bloomberg. The federal government has been buying sugar since June as it is required to do by law when the price falls below $0.21 a pound. Sugar prices bottomed out at around $0.16 a pound in July and have recovered to about $0.185 since then. In the past 12 months, prices were above $0.21 a pound only for a brief time in October 2012. The glut is the result of the lifting of trade…

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