March 14, 2015
Sun Star | http://goo.gl/7rYQiu
The Sugar Regulatory Administration (SRA) has increased by five percent its allocation for “B” or domestic sugar, and removed the “D” or world market allocation, a press statement from the agency said Friday.
The new allocation will take effect immediately, covering the sugar production of week ending March 15, 2015 and subsequent week endings of crop year 2014-2015.
Under Sugar Order No. 1-A dated March 12, 2015, the Sugar Board amended the sugar allocation which will now be at 95 percent for “B” or domestic sugar and five percent allocation for “A” or for the US quota sugar.
Latest reports showed that there is sufficient “D” or world market sugar for the world market shipments.
Meanwhile, total raw sugar production for crop year 2014-2015 is now estimated to be less than the initial projection of 2.5 million metric tons due to the unfavorable weather conditions.
By virtue of Executive Order No. 18 dated May 28, 1986, the SRA is empowered to establish and maintain a balanced relationship between sugar production and the requirements of sugar in order to maintain such marketing conditions as will ensure stabilized prices at levels reasonably profitable to the producers and fair to consumers.
Sugar Order No. 1, Series of 2014-2015 likewise provides that the SRA shall undertake periodic assessment of the consumption trend of the crop year 2014-2015 sugar production. It may also, from time to time, adjust the percentage distribution of the different classes of sugar.