In light of large supplies of sugar on the U.S. market, the U.S. Department of Agriculture (USDA) today announced that it will take the following actions under the waiver authority of the Refined Sugar Re-Export Program:
1.USDA will temporarily permit licensed refiners to transfer program sugar from their license to another licensed refiners license through Sept. 30, 2013.
2.USDA will 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 January 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.
Further details are in a public notice that went on display today at the Office of the Federal Register and will publish in the May 1, 2013 edition, which will be available at: http://www.ofr.gov/OFRUpload/OFRData/2013-10246_PI.pdf.
Federal law requires USDA to operate the sugar program, to the extent possible, at no cost to the government. Todays actions are intended to facilitate a re-balancing of Re-Export Program licenses and provide greater flexibility for licensees to balance program sugar imports, exports and transfers. These actions are authorized under the waiver authority for the Refined Sugar Re-Export Program regulation (7 CFR 1530.113).
USDA will continue to monitor the U.S. sugar market and may take further actions if necessary.
