FROM: U.S. DEPARTMENT OF AGRICULTURE
USDA Announces November 2013 Feedstock Flexibility Program Results and a New CCC Invitation to Sell Sugar for Non-Food Uses
WASHINGTON, Nov. 22, 2013 — U.S. Department of Agriculture’s Commodity Credit Corporation (CCC) today announced the results of CCC’s offer made on Nov. 14, 2013, to sell its sugar inventory for bioenergy production under the Feedstock Flexibility Program (FFP). CCC also announced a new invitation to sell the remainder of its recently acquired sugar inventory for both bioenergy production under the Feedstock Flexibility Program and other non-food uses. CCC successfully sold 216,750 short tons to bioenergy producers for $11.3 million under the Nov. 14 offer, but still holds 79,750 tons in inventory.
Today’s invitation reduces the minimum quantity for bids to 5,000 tons and offers sugar for both bioenergy and other non-food uses. This invitation, and all of the Farm Service Agency’s actions to address the 2012 sugar crop-year surplus, can be found on the Farm Service Agency (FSA) Commodity Operations website at www.fsa.usda.gov/FSA/webapp?area=home&subject=coop&topic=pas-sa
CCC acquired 296,500 short tons of sugar on Oct. 1, 2013, in lieu of cash repayments on its remaining 2012 crop year sugar loans. These sugar loan forfeitures were the result of record domestic sugar production, record Mexican sugar imports, and world prices falling below U.S. price support levels for the first time in several years. CCC is prohibited by the Food, Conservation, and Energy Act of 2008 (the 2008 farm bill) from selling its sugar inventory for domestic food use unless there is an emergency sugar shortage.
A PUBLICATION OF RANDOM U.S.GOVERNMENT PRESS RELEASES AND ARTICLES
Showing posts with label FEEDSTOCK FLEXIBILITY PROGRAM. Show all posts
Showing posts with label FEEDSTOCK FLEXIBILITY PROGRAM. Show all posts
Sunday, November 24, 2013
Thursday, November 14, 2013
COMMODITY CREDIT CORPORATION OFFERS TO SELL RECENT SUGAR ACQUISITION FOR USE IN BIO-ENERGY PRODUCTION
FROM: U.S. DEPARTMENT OF AGRICULTURE
USDA Solicits New Bids under the Feedstock Flexibility Program
WASHINGTON, Nov. 14, 2013 The U.S. Department of Agriculture today announced that the Commodity Credit Corporation (CCC) is offering to sell its recently acquired sugar inventory for use as a feedstock for bio-energy production using the authority of the Feedstock Flexibility Program (FFP). CCC successfully sold 143,143 short tons under its previous FFP tenders.
CCC acquired 296,500 short tons of sugar on Oct. 1, 2013, in lieu of cash repayments on its remaining 2012 crop year sugar loans. The forfeiture of sugar, which was pledged as collateral by processors that receive nonrecourse commodity loans from CCC, was due to a severe reduction in sugar prices in FY 2013. This was caused by the U.S./Mexican sugar supply far exceeding demand in our common sugar market. CCC is prohibited by the 2008 Farm Bill from selling its sugar inventory for domestic human consumption unless there is an emergency sugar shortage.
CCC is increasing the minimum FFP bid to 50,000 short tons (100 million pounds) to provide the opportunity for commercial-scale sugar use in bio-energy production.
The Farm Service Agency’s invitation to purchase CCC sugar, as well as the results of earlier USDA sugar actions, can be found on the FSA Commodity Operations website at: www.fsa.usda.gov/FSA/webapp?area=home&subject=coop&topic=pas-sa.
USDA Solicits New Bids under the Feedstock Flexibility Program
WASHINGTON, Nov. 14, 2013 The U.S. Department of Agriculture today announced that the Commodity Credit Corporation (CCC) is offering to sell its recently acquired sugar inventory for use as a feedstock for bio-energy production using the authority of the Feedstock Flexibility Program (FFP). CCC successfully sold 143,143 short tons under its previous FFP tenders.
CCC acquired 296,500 short tons of sugar on Oct. 1, 2013, in lieu of cash repayments on its remaining 2012 crop year sugar loans. The forfeiture of sugar, which was pledged as collateral by processors that receive nonrecourse commodity loans from CCC, was due to a severe reduction in sugar prices in FY 2013. This was caused by the U.S./Mexican sugar supply far exceeding demand in our common sugar market. CCC is prohibited by the 2008 Farm Bill from selling its sugar inventory for domestic human consumption unless there is an emergency sugar shortage.
CCC is increasing the minimum FFP bid to 50,000 short tons (100 million pounds) to provide the opportunity for commercial-scale sugar use in bio-energy production.
The Farm Service Agency’s invitation to purchase CCC sugar, as well as the results of earlier USDA sugar actions, can be found on the FSA Commodity Operations website at: www.fsa.usda.gov/FSA/webapp?area=home&subject=coop&topic=pas-sa.
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