USDA trims sugar surplus

09/27/2013 | Reuters

The U.S. Department of Agriculture has reduced the sugar supply by 43,896 tons and has offered to buy additional sugar for biofuel makers as it tries to avoid looming subsidy costs of $250 million, the highest in 10 years. "This will serve to ease the glut and probably raise domestic prices to a degree and it may help some producers. But the global glut remains," said Sterling Smith, a futures specialist at Citigroup.

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