Plains Cotton distributes $24m
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Plains Cotton Cooperative—
LUBBOCK—Lubbock-based Plains Cotton Cooperative Association announced fiscal year-end further cash distribution to its grower-owners totaling $24.73 million at its 65th annual meeting here Wednesday.
The distribution, to be completed this month, consists of 9.59 million in cash dividends and $15.14 million in stock retirements.
As of June 30, 2020, PCCA President and CEO Kevin Brinkley reported PCCA’s Warehouse Division had received 1,428,923 bales, the sixth largest crop in history.
“It was a bruising year in the cotton market,” Brinkley said. “On January 15, 2020, the U.S. and China agreed to end the two-year trade war. It appeared to be the beginning of a much-needed recovery for our industry.
However, February brought news of a previously unknown human pathogen from, of all places, China. Since then, every part of our lives has been affected by the novel coronavirus and COVID-19. Cotton prices fell 45 percent by April from their January highs. Fortunately, prior planning by our sales and marketing team had our pools well- positioned by actively managing our sales pace before the worst of the storm. Despite tremendous headwinds, we generated strong pool results for the year.
“Most of all, we are grateful for our grower-owners. Everything we do is ultimately for their benefit. PCCA was started out of necessity in 1953, and it remains vital today. We exist to ensure that our producers receive a fair market price for their cotton. PCCA takes inspiration from our growers and we will always strive to add more value.”
