Cotton farmers seek bank aid as government shutdown drags
Faced with steeper interest rates from banks, some cooperatives must sell their cotton as quickly as possible.
This year, Thompson said the bank lending rates were not high enough to dent Autauga's operations.
But, if the shutdown drags on, some cooperatives may be forced to burn through their credit, causing fears that next year's terms might not be so favorable.
In the meantime, growers are watching the government shutdown with frustration, said Mike Quinn, president of the Carolinas Cotton Growers Cooperative.
He represents farmers in Virginia, Georgia, North and South Carolina.
"This year the cotton crop is later than normal and with the loan program being subject to sequestration, it's (yet) another thing that agricultural markets need to deal with," he said.
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