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National & World Ag News Headlines |
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USDA Says No Extra Storage Needed for Cotton Program
USAgNet - 12/08/2016
The U.S. Department of Agriculture's (USDA) Commodity Credit Corporation (CCC) Wednesday announced that there is not a cotton storage deficit.
The determination was made based on Oct. 1, 2016, production estimates and carry-in stock reports. Since there is no deficit, the CCC has determined that extra storage is not needed for the 2016 cotton crop.
CCC determines that a storage deficit area exists if the production of cotton exceeds the combined approved inside storage capacity of warehouses that have entered into a cotton storage agreement with CCC, less carry-in stocks for the area. Approved cotton
storage warehouse operators located in a storage deficit area may apply to CCC for authorization to store cotton that is pledged as collateral for a CCC marketing assistance loan in specifically designated outside areas.
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