Wednesday, July 24, 2013

Record production causes "flood of imported sugar from Mexico"; “Prices are dropping to levels not seen since the 1980s"

USDA tries new strategy to stem glut of sugar imports | McClatchy
WASHINGTON — U.S. sugarcane and sugar beet farmers are bracing for a flood – but not one caused by the weather. Rather, it’s a flood of imported sugar from Mexico. Record production and imports are poised to sweeten the U.S. market a bit too much.

“This is a lot of sugar for our country to cope with,” said Jack Roney, the director of economics and policy analysis at the American Sugar Alliance, an industry group of U.S. sugar producers. “Prices are dropping to levels not seen since the 1980s, and the USDA is trying to avoid the consequences of that catastrophe.”

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