Sugar futures for America’s domestic market hit a nine-year high on Thursday. Now, the country is taking steps to control the rise in commodity prices and also reallocating sugar import quotas to other countries to guarantee supplies in the domestic market.
According to the media report, US Trade Representative (USTR) said it reallocated 76,571 tonnes of sugar to several exporting countries. The Dominican Republic and Brazil received the largest shares.
The USTR said, “After consulting with the original license holders, and after they told that they would not be able to supply the volumes initially given to them, it decided to reallocate the sugar import quotas.”