Cotton: US,China announces fresh support for farmers ahead of planting

 

International Cotton Advisory Commitee (ICAC) said that in March harvesting will be underway in the Southern Hemisphere while planting will take place in many countries in the Northern Hemisphere. In 2013/14, world ar..

WASHINGTON (Commodity Online):

World largest cotton exporter USA and consumer China have announced fresh farmer support policies ahead of planting season this year. International Cotton Advisory Commitee (ICAC) said that in March harvesting will be underway in the Southern Hemisphere while planting will take place in many countries in the Northern Hemisphere. In 2013/14, world area is estimated at 33.1 mn hectares and is expected to remain fairly stable in 2014/15 at 33 mn ha.

On February 7, 2014, President Obama signed the 2014 U.S. Farm Bill into law. The Direct Payments,Countercyclical Payments and Average Crop Revenue Election (ACRE) programs are repealed for all commodities and, for upland cotton, replaced by the Stacked Income Protection Plan (STAX). STAX provides premium subsidies to upland cotton producers to purchase insurance policies that cover "shallow" revenue losses--those below the level generally covered by standard crop insurance policies.