Carolinas Cotton Growers Cooperative Inc., a Garner, N.C.-based regional cotton-marketing cooperative, announced the final settlement and payment for the 2007 crop.

The board of directors met at the cooperative’s annual meeting on Sept. 3 and reviewed the fiscal year-end results with management. The board authorized a patronage refund of 105 points cash and 50 points allocated equity to its members participating in the seasonal pool marketing program.

The board also authorized the redemption of 50 points of allocated equity for members who participated in the 2001 crop year marketing pool.

This brings the return for the 2007 crop seasonal pool to 66.55 cents per pound for base grade cotton, 13.25 cents per pound over the CCC loan value. The final return for higher grade cotton, such as 31-3-35, is 72.25 reflecting full premiums paid to the growers. The patronage distributions will be issued on September 15th and the 2001 crop equity redemptions will be issued on Oct. 15.

J. Michael Quinn, president and CEO said, “The 2007 crop marketing year was filled with many challenges, such as extreme futures market volatility, rising shipping cost and crop disasters in certain areas. The management team and staff of the cooperative met these challenges head on and effectively turned adversity into opportunity. It is rewarding to provide quality marketing services for the members of the cooperative.”

The cooperative sells most of its cotton to domestic textile mills located in the Southeast, but also benefits from exporting into eight different foreign markets.

Carolinas Cotton Growers Cooperative provides marketing programs for cotton farmers in the Southeastern states of North Carolina, South Carolina, Virginia, Georgia and Alabama. It has been servicing the Southeast area since 1922.

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