February 2009 Progress Payment
2/20/2009
Carolinas Cotton Growers Cooperative, Inc, a Garner, NC based regional cotton marketing cooperative announced today the authorization of the February progress payment for the 2008 cotton crop. The Cooperative Board of Directors met today at the Garner, NC headquarters and authorized 2.25 cents per pound to its members participating in the Seasonal Pool marketing program. The payments will be issued on or before February 27, 2009.
J. Michael Quinn, President and CEO stated, “The Cooperative issued an initial base grade advance of 58 cents per pound for the 2008 crop. This payment brings the net rule 5 year to date return to 60.25 cents per pound for base grade or 8.25 cents per pound over the full CCC loan value for various grades.” While discussing the current marketing climate, Quinn noted, “The current global recession has brought new issues and risks into the market place that must be addressed. There is no question that credit and liquidity issues have affected the global cotton trade as some foreign textile companies are experiencing difficulty obtaining letters of credit to facilitate the purchase of US cotton. Even though our domestic and international customers have experienced reduced demand, we are fortunate they remain very viable trading partners.” Quinn further stated, “Our marketing strategy for the 2008 crop is on target and we anticipate additional distributions to members later in the season as cotton inventory continues to be shipped to customers.”
Carolinas Cotton Growers Cooperative provides marketing programs for cotton farmers from North Carolina, South Carolina, Virginia, Georgia and Alabama. It has been servicing the Southeast area since 1922. For more information please call 1-800-662-7082.