MEMPHIS--USDA senior officials have informed the National Cotton Council that the Secretary of Agriculture has authorized a marketing certificate program to be administered in keeping with past procedures.

While operational details have not been completed, the Council has been told that the program will include both Step 2 certificates and generic certificates. The program will be administered so that: 1) commodities can be redeemed from the loan at a globally competitive price, such as the Adjusted World Price (AWP) in the case of cotton, and 2) marketing loan gains will not count against payment limits.

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