House Passes FY04 Budget Resolution

Friday,March 21, 2003                        By Shawn Wade

      The U.S. House of Representatives has approved its FY04 Budget resolution on aclose 215-212 vote.

      TheHouse Resolution provides the suggested framework for FY04 Budget expendituresand revenues and will be reconciled with a similar Budget Resolution to bedebated by the Senate March 21.

      TheHouse Budget Resolution includes instructions to the House AgricultureCommittee to find $600 million in budget cuts for the FY04 budget year. TheResolution also mandates cuts that will total $5.5 billion over the FY04-08budget years and some $18.6 billion from FY04-13.

      TheHouse Agriculture Committee’s instructions include a deadline of July 18, 2003to report their plan for changes to laws within HAC’s jurisdiction to securethe mandated savings.

      TheSenate’s FY04 Budget Resolution is expected to include the amendment by SenatorCharles Grassley to make changes to current payment limit rules as reportedlast week.

      FollowingSenate action, the two FY04 Budget Resolutions will go to a ConferenceCommittee where major budget issues will be finalized.

      TheConference will also become the focus of agriculture groups and farm-statelawmakers who will begin working to secure changes to language directed atagriculture programs in the final FY04 Budget resolution.

 

FSA: Base & Yield Option Deadline April 1

      USDAFarm Service Agency personnel are reminding growers that intend to participatethat the deadline for completing sign-up is getting close.

      Thedeadline for owners or their appointed representative to make initial base andyield option selections for the DCP program is April 1, 2003. The deadline forprogram participants to sign-up for the 2002 and 2003 DCP program is June 2,2003.

      Boththe initial base and yield option selection and the decisions to participate inthe 2002 and 2003 DCP program can be completed at the same time.

      2002and 2003 DCP payments for the balance of the 2002 direct payment, 2002counter-cyclical advance payments, and the advance for the 2003 direct paymentwill be processed as soon as sign-up is completed.

      Producersare encouraged to contact their county FSA office and schedule an appointment.

     

Average Price Received Through January

      Counter-cyclical payments for the2002-crop cotton are calculated using the weighted average price received byfarmers for the 2002-2003 Upland cotton marketing year.

      The following table shows theaverage price received each month by farmers and the associated weighted averageprice based on cumulative marketings through each month.

 

Farm Prices ForUpland Cotton

CropYear 2002-03

(Weighted by Marketings)

Month

Marketings

Prices

 

(000’s of Running Bales)

(Cents/Lb.)

 

Monthly

Cum.

Monthly

Weighted

August

354

354

33.00

33.00

September

412

766

35.20

34.18

October

749

1,515

39.00

36.56

November

1,417

2,932

41.90

39.14

December

2,380

5,312

42.10

40.47

January

1,980

7,292

44.00

41.43

February*

NA

NA

44.80

NA

Source: USDA-NASS

*February price is apreliminary estimate

 

Don’t Forget:

 

Plains Cotton Growers, Inc.

Annual Meeting

 

Thursday, April 3, 2003

8:30 am – Registration

9:00 am – Program

 

Lubbock Memorial Civic Center

Banquet Hall