The European Union proposed allowing 1.2 million metric tons more sugar into the bloc in the season that started last month to ease shortages, according to the European Commission, the bloc’s regulatory arm.
The European Union’s sugar management committee plans to vote Feb. 24 on a proposal to allow more sugar imports and the sale of so-called out-of-quota sweetener on the domestic market.
The European Union allowed sugar producers to sell more in the domestic market and accepted bids to import the sweetener to ease shortages in the bloc.
The European Union may vote this week to extend a moratorium on wheat and barley import duties until June 30.
The European Union set four tenders to import sugar at a reduced duty to ease shortages and authorized local producers to export more supplies they don’t have permission to sell domestically.
Irish dairyman Pat McCormack figures it makes more sense to pay a 20,000-euro ($27,300) fine for producing too much milk than to pass up surging prices and an early start to a jump in European output.
The European Union will hold the last of five planned tenders today to import sugar at a reduced duty rate to ease shortages in the bloc, according to the European Commission, the EU’s executive arm.
"Although the envelope of money coming into Spain remains more or less the same, the area of land eligible is likely to increase."
- Roger Waite on Jun 11, 2014