Extra Long Staple Cotton Prices
This rule amends and requests comment on the Extra Long Staple (ELS) Cotton Competitiveness Payment Program of the Commodity Credit Corporation (CCC). This rule changes the ELS cotton price used to calculate the payment rate from the ``average domestic spot price quotation for base quality U.S. Pima cotton'' to the ``American Pima c.i.f. Northern Europe'' price. The change is intended to reduce the cost to the Federal Government of operating the program by incorporating a reference price more indicative of actual ELS cotton world market prices.