In recommending the second progress payment of the 2001-02 season for Calcot members, cooperative president Tom W. Smith noted strong export sales and favorable timing have helped cotton futures market prices recover slightly after bottoming last fall at an abysmal and historically low 28 cents per pound.
At least one more payment will be made on the 2001-02 cotton crop, that being the final settlement made at the cooperative's annual meetings in California and Arizona, starting with the first one Sept. 24 in Visalia, Calif.
Benchmark San Joaquin Valley Acala base grade cotton in the cooperative's seasonal pool was given a four-cent per pound progress payment, which will boost the season-to-date price to 65.10 cents per pound.
The base grade for San Joaquin Valley Acala cotton is color grade 31, staple length of 1 1/8ths inches; with micronaire within a premium 3.5 to 4.9 range.
Calcot's board also approved other seasonal pool payouts: Southern California. and Arizona (C/A) Upland cotton received three cents per pound on the base grade, raising the price to date to 59.25 cents per pound, and California Uplands produced in the San Joaquin and Sacramento Valleys will also three cents per pound, boosting the price so far to 60.85 cents.
Seasonal pool Pima will also receive a payment of two cents per pound, upping the price to 85.40 cents per pound for SJV extra long staple cotton to 83.80 cents for Arizona Pima. Call pool Pima producers will receive two-cents per pound.
Calcot's regular call pool growers are also in for progress payments, totaling two cents per pound for SJV Acala and a penny for Southern California/Arizona and California Upland. Some C/A and California Upland cottons with 5,0 and higher micronaire and staple length of 11/8 inch will receive additional premium of one-half cent per category.