CATCH THE BUZZ
A Nickel A Pound
Five cents a pound. The U.S. Government, sitting on a whole mountain range of surplus sugar, sold it all – almost 80 tons, 160 million pounds – Friday to two companies. Mann Lake Ltd, of Woodland, California, which also sell supplies and honey bee feed to beekeepers, bought 56 percent of the 79,750 tons that were offered by USDA for their sweetener business in California. Quality Liquid Feeds, of Dodgeville, Wisconsin, which makes feed supplements for beef and dairy cattle, bought the rest.
The inventory adjustment sale allowed the USDA to collect $8.2 million, compared with the estimated subsidy cost to USDA of $280 million for the 2012 crop, highest since $465 million in 2000. The average price of 5 cents a lb for the sugar was far below the 20.9 cents guaranteed to growers that would have been paid.
Read more here at: http://home.ezezine.com/1636/1636-2013.12.14.12.28.archive.html
Mann Lake was awarded 43% of total offering procuring approx. 35,000 tons of sugar, outbidding the ethanol and dairy industries for access to this sugar.
UPDATED INFO HERE: http://home.ezezine.com/1636/1636-2013.12.17.12.11.archive.html