USDA announces temporary import quota for upland cotton
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WASHINGTON, Jan. 2, 2014 - USDA's Commodity Credit Corporation (CCC) today announced it will implement a special import quota for upland cotton. The department issues the import quota to stabilize the price of the commodity when the U.S. cotton price exceeds the prevailing world market price for a period of four weeks.
Upland cotton is the by far the most widely cultivated species of cotton in the U.S.
Quota number 21 will be established on Jan. 9 and will allow importation of 62,207 bales of upland cotton - equivalent to an average week's consumption by domestic mills for December 2012 through February 2013, the most recent period for which USDA has data. A bale weighs 480 pounds.
The quota will apply to upland cotton purchased on or before April 8, 2013, and imported on or before July 8, 2014.
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