USDA Sets Special Cotton Import Quota

WASHINGTON - Nov 4/04 - SNS -- The USDA's Commodity Credit Corporation has opened a special quota to allow the import of 26,726,064 kilograms (122,752 bales) of upland cotton effective November 11.

This action is being carried out under the authority of PL 107-171, enacted May 13, 2002, which requires that a special import quota be determined and announced immediately if, for any consecutive 4-week period, the U.S. Northern Europe price, adjusted for the value of any cotton user marketing certificate issued, exceeds the Northern Europe price. This condition was met during the consecutive 4-week period ending today.

Quota number 15 will be established as of Nov. 11, 2004, and will apply to upland cotton purchased not later than Feb. 8, 2005, and entered into the U.S. not later than May 9, 2005. The quota is equivalent to one week's consumption of upland cotton by domestic mills at the seasonally-adjusted average rate for the period July 2004 through September 2004.