White House gives OK for sugar-to-ethanol buyback

In Washington, the White House budget office has given the thumbs up for the sugar-for-ethanol program Feedstock Flexibility Program. It’s unclear if the program can be implemented in time to avoid forfeitures on sugar loans, with the first of those set to expire the end of July. As much as $620 million in sugar loans could be forfeited. Earlier this year the USDA said ethanol producers could be willing to pay up to 7 cents per pound of sugar, compared to the 20.8 cents the loans are set at.