 NEWS
Farm Service Agency
Public Affairs Staff
1400 Independence Ave SW
Stop 0506, Room 3624-South
Washington, D.C. 20250-0506
Release No. 1542.02
Latawnya Dia (202) 720-7962
Latawnya_Dia@wdc.fsa.usda.gov
USDA ANNOUNCES PAYMENT RATES FOR COMPETITIVENESS PAYMENT
PROGRAM FOR EXTRA LONG STAPLE (ELS) COTTON
WASHINGTON, May 30, 2002 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, May 31, 2002, through
midnight Thursday, June 6, 2002, is 4.39 cents per pound.
The next ELS payment rate announcement will be on Thursday,
June 6, 2002.
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 3,
staple 44, micronaire 3.5 or higher, uncompressed, F.O.B.
warehouse; and the LFQ has not exceeded 134 percent of the
current crop year loan level for ELS cotton grade 3, staple
44, micronaire 3.5 or higher (77.35 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 ...........
05/09/02 98.9 78.63 76.49 2.14 2.14 (05/10-05/16)
05/16/02 96.6 78.63 74.74 3.89 3.89 (05/17-05/23)
05/23/02 96.6 78.83 74.74 4.09 4.09 (05/24-05/30)
05/30/02 96.6 79.13 74.74 4.39 4.39 (05/31-06/06)
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.fsa.usda.gov.
Further program information is available from Wayne Bjorlie,
(202) 720-7954, E-mail wayne_bjorlie@wdc.fsa.usda.gov.
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