Following are the results of yesterday's meeting of the European Union market management committee for sugar.
The panel sells surplus stocks and sets the subsidies it pays to exporters, allowing them to sell the sweetener for less than the price guaranteed by EU regulators within the bloc. Under World Trade Organization rules, the EU can export subsidized sugar up to a limit of 1.37 million tons, or €513.9 million ($666.4 million).
The EU said December 7 it plans to sell some surplus stocks for export. Potential exporters must bid for this sugar. „Bids will be adopted as soon as they are at a level we regard as being competitive,” EU spokesman Michael Mann said yesterday in an e-mailed note. „That wasn't the case yesterday, but the tenders are open and it depends on the level of bids we receive.”
Export Subsidies given January 11 for €297.66 and January 25 for € 285.48 some 25,250 tons. Italy on sold its surplus stocks onto the EU market of 1000 tons for €632.1 a ton. Hungary sold 250 tons for €632, while the Czech Republic sold 1500 tons for the same €632 a ton price. (Bloomberg)