NEWS
Farm Service Agency
Public Affairs Staff
1400 Independence Ave SW
Stop 0506, Room 3624-South
Washington, D.C. 20250-0506
Release No. 1534.04
Jillene Johnson (202) 720-9733
jillene_johnson@wdc.usda.gov
USDA ANNOUNCES PAYMENT RATES FOR COMPETITIVENESS PAYMENT
PROGRAM FOR EXTRA LONG STAPLE (ELS) COTTON
WASHINGTON, April 29, 2004 -- The Department of
Agriculture's Commodity Credit Corporation today announced
that the competitiveness payment program payment rate in
effect from 12:01 a.m. Friday, April 30, 2004, through
midnight Thursday, May 6, 2004, is 25.08 cents per pound.
The next ELS payment rate announcement will be on May 6,
2004, at 5 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
adjusted average domestic spot price quotation for U.S.
Pima cotton, grade 2, staple 46, micronaire 3.5 or higher,
uncompressed, F.O.B. warehouse; and the 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 (80.80
cents per pound). Relevant data for the ELS
competitiveness program follow:
Fri/Thur LFQ as % US Price
Period of ELS US Spot LFQ Less Payment Dates
Ending Loan Rate Price Price LFQ Rate Applicable
.......... cents/lb ...........
04/08/04 123.8 122.45 100.06 22.39 22.39 (04/09-04/15)
04/15/04 123.0 122.40 99.39 23.01 23.01 (04/16-04/22)
04/22/04 122.6 122.25 99.06 23.19 23.19 (04/23-04/29)
04/29/04 122.6 124.14 99.06 25.08 25.08 (04/30-05/06)
Future payments will be established if price
conditions warrant.
To obtain an ELS agreement or to inquire regarding
operational issues, please contact Connie Carrison, Kansas
City Commodity Office at (816) 926-6772 or by e-mail
CJCarrison@kcc.usda.gov
Further program information is available from Scott
Sanford, (202) 720-3392, e-mail scott_sanford@wdc.usda.gov
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