NEWS
Farm Service Agency
Public Affairs Staff
1400 Independence Ave SW
Stop 0506, Room 3624-South
Washington, D.C. 20250-0506
Release No. 1527.02
Latawnya Dia (202) 720-7962
latawnya_dia@wdc.fsa.usda.gov
USDA ANNOUNCES CHANGE IN PAYMENT RATE FOR
UPLAND COTTON USER MARKETING CERTIFICATE PROGRAM
WASHINGTON, May 14, 2002 The Department of
Agriculture's Commodity Credit Corporation today announced
that the payment rate for the upland cotton user marketing
certificate program, also known as "Step 2," in effect from
12:01 a.m. Tuesday,May 14, 2002, through midnight Thursday,
May 16, 2002, is 1.26 cents per pound. The next Step 2
payment rate announcement will be on Thursday, May 16, 2002.
The Step 2 payment rate is changing today because of
the enactment of Pub.L. 107-171, the Farm Security and Rural
Investment Act of 2002, which
provided that the payment rate should be the difference
between the U.S. Northern Europe Price (USNE) and the
Northern Europe Price (NE).
Step 2 payments are provided this week because, for
four consecutive weeks, the USNE price has exceeded the NE
price, and the Adjusted World Price (AWP)has not exceeded
134 percent of the loan rate for upland cotton. Relevant
data for the Step 2 program follow:
AWP as %
Fri/Thur of 2001 USNE
Period Base Loan USNE NE Less Step 2 Dates
Week Ending Rate Price Price NE Price Rate Applicable
.......... cents/lb ...........
1 04/18/02 55.5 44.55 41.81 2.74 1.49 (04/19-04/25)
2 04/25/02 54.2 42.85 40.57 2.28 1.03 (04/26-05/02)
3 05/02/02 54.2 41.70 40.06 1.64 0.39 (05/03-05/09)
4 05/09/02 51.8 40.19 38.93 1.26 0.01 (05/10-05/13)
40.19 38.93 1.26 1.26 (05/14-05/16)
To obtain an upland cotton user marketing certificate program
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.fsa.usda.gov.
Further program information is available from Wayne Bjorlie,
(202) 720-7954, E-mail wayne_bjorlie@wdc.fsa.usda.gov.
NOTE: Farm Service Agency (FSA) news releases and media advisories are
available on the World Wide Web at FSA's Home Page:
http://www.fsa.usda.gov.
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