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USDA: New ELS Cotton Payment Rate Is 0

Ernst Undesser
From USDA September 5, 2013 16:47

USDA: New ELS Cotton Payment Rate Is 0

The Department of Agriculture’s Commodity Credit Corporation announced that the competitiveness payment program payment rate in effect from 12:01 a.m., Eastern Time, Friday, September 6, 2013, through midnight, Eastern Time, Thursday, October 3, 2013, is zero. The next ELS payment rate announcement will be on October 3, 2013, at 4 p.m., Eastern Time.

        
         

ELS competitiveness payments are provided whenever, for 4 consecutive weeks, the lowest Friday through Thursday average adjusted price quotation for foreign growths (LFQ) is less than the Friday through Thursday average price quotation for U.S. Pima cotton, CFR Far East (USPFE); and the adjusted LFQ is less than 134 percent of the current crop year loan level for ELS cotton grade 2, staple 46, micronaire 3.5 or higher, strength 37.5 grams per tex and above (82.05 cents per pound).

Future payments will be established if price conditions warrant. Relevant data for the ELS competitiveness program follow:

Adjusted

Fri/Thurs  LFQ as %                    USPFE

Period     of ELS    USPFE     LFQ     Less  Payment    Dates

Ending    Loan Rate  Price    Price    LFQ    Rate    Applicable

………. cents/lb ………..

08/15/13    188.58   172.00   172.56   -0.56   0.00    (08/16-08/22)

08/22/13    190.77   173.20   174.36   -1.16   0.00    (08/23-08/29)

08/29/13    192.05   175.00   175.41   -0.41   0.00    (08/30-09/05)

09/05/13    192.36   175.00   175.66   -0.66   0.00    (09/06-10/03)

 

The adjusted LFQ = LFQ adjusted for the transportation cost between the United States and the Far East.

To obtain an ELS agreement or to inquire regarding operational issues, please contact Richard Mashek, Kansas City Commodity Office at (816) 823-1134 or by e-mail Richard.Mashek@kcc.usda.gov

Ernst Undesser
From USDA September 5, 2013 16:47

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