Calcot's board of directors has authorized the second progress payment of the 2003-04 season, which will equal or exceed the first progress payment approved.
In recommending a Seasonal Pool payment as high as six cents per pound, Calcot president Robert W. Norris noted, “This is the second payment we have recommended in two months and reflects Calcot's excellent financial health and strong market position.”
Individual amounts may vary, based upon specific varieties and qualities within the pool, and payments were approved for Seasonal Pool only.
But payments range from six cents per pound for base grade SJV Acala (31-3-36) and roller-ginned Ultima (31-3-8), five cents for SJV and desert Pima cotton, and three cents for California/Arizona and California SJV Upland cottons (31-3-35).
Calcot's board since Dec. 15 has made progress payments totaling 10 cents per pound for Acala and Ultima, six cents for C/A and California SJV Upland and 15 cents for Pima cottons.
After the latest payment, the current advance level for SJV Acala is now 65.65, gin UD free; C/A is at 59.70; California Upland, 61.30 gin UD free; roller-ginned Ultima, 68.35, gin UD free; SJV Pima, 97.40, gin UD free; and Desert Pima, 95.80.
And unlike the first payment — which went into the mail beginning Jan. 12 — differences between Calcot's cotton advance schedule and the loan rate were mostly adjusted in the first progress payment, Norris said, so in the vast majority of cases, actual payment amounts should be equal to or very close to the approved level.
For example, the average payment across the Seasonal Pool for SJV Acala is 5.86 cents, only 14 points less than the approved payment.