Plains Cotton Growers, Inc.
Friday, March 31,2006 By Shawn Wade
A date has beenset and the location finalized for what will most likely be Texas' one and onlyfull House Agriculture Committee hearing on the 2007 Farm Bill.
In informationreleased April 30, it was announced that members of the House AgricultureCommittee will gather on Tuesday, May 9 in San Angelo, Texas to hear producercomments and receive input regarding the 2007 Farm Bill.
San Angelo islocated in Texas' sprawling and vastly agricultural 11thCongressional District, home base of current Agriculture Committee member MikeConaway (R-Midland).
The hearing willtake place on the campus of Angelo State University the day after a similar AgCommittee hearing in Greeley, Colorado. The details of the May 9 hearing,including location, time and a list of the witnesses testifying, will be madeavailable at a later date.
In earliercomments Ag Committee spokesperson Alise Kowalski noted that it is unlikelythat more than one full committee hearing would be scheduled in Texas, but thatit is possible that House Agriculture subcommittees could also schedule theirown hearings at a later date.
Friday, March 31,2006 By Shawn Wade
With an April 1deadline looming, USDA announced earlier this week it was extending a January18, 2006 outside storage waiver (notice BCD-117) that allows outside storedcotton pledged as collateral for Commodity Credit Corporation (CCC) marketingassistance loans to remain loan eligible.
The extensionwill allow outside storage of loan cotton to continue until May 1 at approved cottonwarehouse locations that remain in compliance with the requirements of theoriginal waiver.
"Without theextension announced by Farm Service Agency officials this week, producers wouldhave had to begin redeeming 2005 CCC marketing assistance loans on cotton thatwas still in outside storage on April 1," explains PCG Executive Vice PresidentSteve Verett. "Now that we have the extension through May 1 in place theindustry has a little breathing room and cotton warehouses and merchants can continueto concentrate on the primary task of shipping cotton."
Verett notes thatmaintaining a steady shipping pace will be the quickest and most effective wayto create the warehouse space needed to store unshipped bales come May 1.
It is vital thateveryone, especially producers that may think they are unaffected because theircotton has been sold under terms of an equity contract, understand theimportance of maintaining loan eligibility for every bale.
"Even thoughcotton may be sold on an equity basis, producers need to understand that theyare not out of the picture," says Verett.
Under the termsof the new extension CCC will advance the maturity date of any cotton marketingassistance loan if the cotton securing the loan is stored outside as of May 1,2006.
Since CCCmarketing assistance loans are in the name of the producer, when the new May 1deadline arrives it will be the producer that will be notified by FSA about thesituation and given 15 days to redeem loan cotton at the adjusted world pricelevel. Failure to redeem the loan before the 15-day window expires means theloan would have to be repaid by the producer at principal plus interest.
Friday, March 31, 2006 By Shawn Wade
Plains Cotton Growers isholding its Annual Meeting in conjunction with the Texas Cotton Ginners'Convention & Trade Show (April 6-7) at the Lubbock Memorial Civic Center.PCG's meeting will be held on April 7 in the Civic Center Banquet Hall.Registration starts at 8:30 a.m.
Adding to the festivitiesthis year will be a luncheon sponsored by Bayer CropScience-FiberMax Cottonseedfor attendees of the PCG Annual Meeting and members of the FiberMax "ONE TONCLUB."
As usual PCG's Annual Meetingline-up has a lot to offer this year's attendees. PCG has issued an invitationto Representative Jerry Moran of Kansas, Chairman of the House Ag Committee'sGeneral Farm Commodities and Risk Management Subcommittee, to be the keynote speakerat this year's annual meeting.
Confirmed speakers for thisyear's meeting are William A. (Bill) Gillon, General Counsel for the NationalCotton Council; Craig Brown, NCC Vice President Producer Affairs; and J. Berrye Worsham,President and Chief Executive Officer of Cotton Incorporated from Cary, NorthCarolina.
PCG President Rickey Beardenand Executive Vice President Steve Verett will report on recent PCG activitiesand discuss the organization's efforts to position itself during the 2007 FarmBill debate.
News and events from the month of March :
1959 - During a meeting of the PCG Board director Bill Millen ofMuleshoe, chairman of the PCG Bracero Committee, reported on agricultural farmlabor issues and on farm labor meetings held in Kansas City, Los Angeles,Dallas, Austin and Washington at which PCG was represented.