USDA Issues Cotton Import Quota

WASHINGTON - Mar 17/05 - SNS -- The USDA's Commodity Credit Corporation today announced a special import quota for upland cotton that permits importation of a quantity of upland cotton equal to one week's domestic mill use.

The quota will be established on March 24, 2005, allowing importation of 26,158,106 kilograms (120,143 bales) of upland cotton.

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 17 will be established as of March 24, 2005, and will apply to upland cotton purchased not later than June 21, 2005, and entered into the U.S. not later than September 19, 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 November 2004 through January 2005.