The Department of Agriculture's Commodity Credit Corporation announced that the competitiveness payment program payment rate in effect from May 29, 2009, through midnight, Eastern Time, Thursday, June 4, 2009, is 7.23 cents per pound.
The next ELS payment rate announcement will be on June 4, 2009, 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 (82.25 cents per pound).
Department of Agriculture's Commodity Credit Corporation
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