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U.S. DEVELOPMENTS
Highlights:
USDA Announces Grade Loan Rates for Flue-Cured Tobacco: The U.S. Department of Agriculture’s Commodity Credit Corporation announced on June 9, 1998 grade loan rates for the 1998 flue-cured crop. The grade loan rates are based on the price support level of $1.628 per pound and range from $1.06 to $1.91 per pound. The Flue-Cured Tobacco Cooperative Stabilization Corporation will deduct one cent per pound from the grade loan rate for administrative overhead costs for tobacco pledged as collateral for a loan.
USDA Announces Assessments on Imported Flue-Cured Tobacco: The U.S. Department of Agriculture’s Commodity Credit Corporation announced on June 15, 1998 assessment rates to be effective July 1st on unmanufactured flue-cured tobacco imported for consumption. The assessment rates are the same as for domestically produced flue-cured and will remain in effect through June 30th. The total amount of the assessment is due within 10 business days after the imported tobacco is released by the U.S. Customs Service for entry for consumption into the commerce of the United States. Failure to pay or timely pay the amount of the assessment can result in a marketing penalty of $2.84 per kilogram for the amount of the flue-cured tobacco on which such failure occurred. Penalty rates for burley and other kinds of tobacco that are subject to importer assessments will be announced by October 1, 1998.
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