WASHINGTON, March 25, 2021 – The U.S. Department of Agriculture (USDA) Commodity Credit Corporation (CCC) announced today that it does not expect to purchase and sell sugar under the Feedstock Flexibility Program for crop year 2020, which runs from Oct. 1, 2020, to Sept. 30, 2021.
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Contact: FPAC.BC.Press@usda.gov
WASHINGTON, March 25, 2021 – The U.S. Department of Agriculture (USDA) Commodity Credit Corporation (CCC) announced today that it does not expect to purchase and sell sugar under the Feedstock Flexibility Program for crop year 2020, which runs from Oct. 1, 2020, to Sept. 30, 2021.
The CCC is required by law to quarterly announce estimates of sugar to be purchased and sold under the Feedstock Flexibility Program based on crop and consumption forecasts.
Federal law allows sugar processors to obtain loans from USDA with maturities of up to nine months when the sugarcane or sugar beet harvest begins. On loan maturity, the sugar processor may repay the loan in full or forfeit the collateral (sugar) to USDA to satisfy the loan.
The Feedstock Flexibility Program, initially authorized in the 2008 Farm Bill, was reauthorized by Congress in the 2018 Farm Bill as an option to avoid sugar forfeitures. Under the Feedstock Flexibility Program, if USDA is faced with the likelihood of loan forfeitures, it is required to purchase surplus sugar and sell it to bioenergy producers to reduce the surplus in the food use market and support sugar prices. USDA’s March 9, 2021, World Agricultural Supply and Demand Estimates report (www.usda.gov/oce/commodity/wasde) projects that crop year 2020 (fiscal year 2021) U.S. ending sugar stocks are unlikely to lead to forfeitures. Therefore, currently, USDA does not expect to purchase and sell sugar under the Feedstock Flexibility Program for crop year 2020.
USDA will closely monitor domestic sugar stocks, consumption, imports, and other sugar market variables on an ongoing basis and will continue to administer the sugar program as transparently as possible using the latest available data. The next quarterly estimate regarding the Feedstock Flexibility Program will occur on or before July 1, 2021.
USDA is an equal opportunity provider, employer and lender.
WASHINGTON, March 25, 2021 – The U.S. Department of Agriculture (USDA) Commodity Credit Corporation (CCC) announced today that it does not expect to purchase and sell sugar under the Feedstock Flexibility Program for crop year 2020, which runs from Oct. 1, 2020, to Sept. 30, 2021.
WASHINGTON, March 24, 2021 — Agriculture Secretary Tom Vilsack announced today that USDA is establishing new programs and efforts to bring financial assistance to farmers, ranchers and producers who felt the impact of COVID-19 market disruptions. The new initiative—USDA Pandemic Assistance for Producers—will reach a broader set of producers than in previous COVID-19 aid programs. USDA is dedicating at least $6 billion toward the new programs. The Department will also develop rules for new programs that will put a greater emphasis on outreach to small and socially disadvantaged producers, specialty crop and organic producers, timber harvesters, as well as provide support for the food supply chain and producers of renewable fuel, among others. Existing programs like the Coronavirus Food Assistance Program (CFAP) will fall within the new initiative and, where statutory authority allows, will be refined to better address the needs of producers.
WASHINGTON, March 8, 2021 – Agricultural producers who have not yet elected and enrolled in the Agriculture Risk Coverage (ARC) or Price Loss Coverage (PLC) programs for 2021 have until March 15. Producers who have not signed a contract or who want to make an election change should contact their local U.S. Department of Agriculture (USDA) Service Center to make an appointment. Right now, about 1.4 million farms have enrolled, about 81% of expected participation.