Quebec Maple Syrup Producers, a leading trading group, said they were releasing about £ 50 million from their strategic salary syrup reserves, almost half of the stock, Bloomberg first reported.
The state-sponsored organization, often referred to as OPEC for payroll syrup, uses its reserves to control syrup prices and offers. As of 2020, Quebec produced 73% of all maple syrup in the world, and by far the largest customer is the United States, which accounts for around 60% of Canada’s export volume.
The strategic reserve was created to keep maple syrup in stock during bad autumn seasons or when demand increases. This is the case right now after a warm and short spring that led to a lower crop. Historically, 2021 was an average year for wage production in Quebec, with a crop estimated at 133 million pounds, but sales increased by 21% compared to last year, which charged for available supply.
QMSP did not immediately respond to a request for comment from CNN Business. “The pandemic helped in our case because we see people cooking more at home and using more local products,” group spokeswoman Helene Normandin said in an interview with Bloomberg. “It’s not just in Quebec that demand is increasing.”
The reserve has made headlines in the past. Between 2011 and 2012, 3,000 tons of maple syrup, valued at nearly 20 million Canadian dollars, was secretly retrieved from the reserve in a notorious theft known as the Great Canadian Maple Syrup Heist.