PUBLIC STORAGE FACILITIES

Transcription

1 ERS D ST OF STORNG AND 4 ANDLNG TTON AT PUBL STORAGE FALTES 19691,with projections for ) U.S. DEPARTMENT OF AGRULTURE ENOM RESEAR SERVE

2 ABSTRAT This report, based on a continuing study, analyzes cotton warehousing operating costs for and projects costs for Storage cost for increased about 7 percent over ost for storing and handling combined increased slightly more than 4 percent. These costs are based on an analysis of accounting and operational data obtained by mail questionnaire from 12 warehouses and compresses. These sample firms represent about 35 percent of the total storage space approved in for storing and handling cotton owned or controlled by the ommodity redit orporation. Data from these firms also were used to develop cost estimates for based on projections of production, disappearance, and price levels. Estimates of competitive costs for were also developed based on projected disappearance, and on three levels of production of 1., 112, and 12. million bales. Key Words: otton costs, storage, receiving, breakout, shipping, occupancy levels, projections, competitive rates. Washington, D March 1971 iii

3 PREFAE This report is part of a continuing series of studies designed to determine the cost of storing and handling cotton in public storage facilities. Earlier studies were conducted by personal interview and provide much of the basic data on such items as buildings, equipment, and land costs used in this report. Additional data for this report were obtained through the use of a mail questionnaire sent to all cooperators in the previous study. Data were obtained on operating costs, volumes, newly acquired assets, labor costs, and rates per hour at which various functions were performed. The authors wish to express their appreciation to members of the cotton warehousing industry for their continued support of this work. Special thanks are also due to the many individuals who provided the cost and operating data necessary for the study. iv

4 NTENTS Page ighlights... 1 Tables: 1 Sample plants included in survey: Number, capacity, and major services performed, by area and type of facility, fiscal Average cost per bale for storing and handling cotton, by area and type of facility, fiscal Estimated weighted average cost and competitive rates per bale for storing and handling cotton, by area and type of facility, fiscal Appendix: Methodology... 8 Sampling... 8 Factors used to project costs... 8 Appendix tables: 69 Receiving: Estimated cost per bale at selected warehouses and compresses, by area and United States, fiscal and Storage: Estimated cost per bale per month at selected warehouses and compresses, by area and United States, fiscal and Breakout: Estimated cost per bale at selected warehouses and compresses, by area and United States, fiscal and Shipping: Estimated cost per bale at selected warehouses and compresses, by area and United States, fiscal and Standarddensity compression: Estimated cost per bale at selected compresses, by area and United States, fiscal and ighdensity compression: Estimated cost per bale at selected compresses, by area and United States, fiscal and V

5 Page 2627 Storage: apacity available for indicated average total cost and outofpocket cost levels at 7percent average occupancy, by area and United States, fiscal Storage and handling: apacity available for indicated average total cost and outofpocket cost levels at 7 percent average occupancy, by area and United States, fiscal otton supply and disposition, by months, and crop year Stocks of cotton: Volumes and estimated volumes stored in public storage facilities, by region and months, and crop year vi

6 ST OF STORNG AND ANDLNG TTON AT PUBL STORAGE FALTES, 19697, WT PROJETONS FOR by Joseph L. Ghetti and Whitman M. handler, Jr. Agricultural Economists, Marketing Economics Division GLGTS An analysis of accounting and operational data collected from a sample of 12 warehouses and compresses (table 1) shows that average total cost for storage increased about 7 percent over The per bale cost in was $5.79 or 42.3 cents per month (table 2), compared with $4.747 or 39.5 cents per month in These costs varied from $3.588 annually (29.9 cents per month) per bale in the West to $6.59 annually (5.5 cents per month) per bale in the Southeast. Average outofpocket cost for storage alone for all plants was $3.734 per bale per year (31.1 cents per month). For all plants combined, average total cost for receiving, 12 months' storage, breakingout, and shipping was $7.357 per bale (table 2) or about 4 percent higher than in Total cost increased for all functions except receiving, which was about 9 cents per bale lower than in the previous year. This reduction in total cost for receiving was largely due to the installation of automatic or semiautomatic receiving systems in many facilities throughout the otton Belt. Average total cost for standarddensity and highdensity compression was $1.74 and $2.268 per bale, respectively, in (table 2). This represents a decrease of 22.8 and 15.5 cents per bale, respectively, from This decrease was accounted for by more firms installing laborsaving devices such as automatic dinky and press feeders which resulted in many firms using fewer laborers than in the previous study. osts were also projected for fiscal n making these projections it was assumed that the estimated crop of 11.2 million bales would be distributed among facilities in the same proportionate patterns that prevailed in and that expected changes in costs would be as shown on page 8 of this report. The projected total cost for storage averaged $6.875 per bale annually (57.3 cents per month) or an increase of 15. cents per bale per month over the cost for Storage costs varied from $4.38 per bale annually (35.9 cents per month) in the West to $8.691 per bale annually (72.4 cents per month) in the Southeast. Total cost for receiving the estimated 11.2millionbale crop was $1.51 per bale, while per bale cost estimates for breakout and shipping were $.766 and $.798, respectively. Projected costs for standard

7 density and highdensity compression were $2.87 and $2.774, respectively, for (tables 23 and 25). Similar costs based on estimated production of 1 million and 12 million bales are shown in tables 4 and 5. Also calculated for each area and the otton Belt as a whole were costs that would prevail if the industry were operating under conditions of pure competition, where only the lowest cost facilities needed to store the peak volume of cotton would be utilized. At the peak of the season, these facilities would be utilized at 1 percent of their storage capacity, but would have an annual average occupancy of about 7 percent. With estimated production of 11.2 million bales, the longrun competitive cost would amount to $4.4 per bale per year for storage alone (table 3). Establishment of a rate equal to this cost would cover the total cost of the marginal firm, including depreciation and interest on investment calculated on the basis of replacing facilities and equipment at price levels. While this rate would not return a profit to the marginal firm, all other firms remaining in operation would receive a profit. The shortrun competitive cost for storage (total cost less depreciation and interest on investment) would amount to $3.283 per bale per year. Establishment of a rate equal to this cost would cover the outofpocket cost of the marginal firm and would be expected to provide adequate storage space for the peak requirements of 8.9 million bales of cotton. Estimated longrun competitive costs for storage and handling combined averaged $6.761, while the estimated shortrun competitive cost averaged $5.439 for the otton Belt as a whole for Estimated competitive costs for a 1million and a 12millionbale crop are shown in tables 4 and 5. apacities of storage available at various average cost levels are shown in tables 26 through 29. 2

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13 APPENDX: METODOLOGY Sampling Questionnaires were mailed to the 12 operators (72 compresses and 48 warehouses) who participated in the study. Followup letters were sent to nonrespondents and, in some instances, telephone calls were made to the owners or plant managers who had not returned the questionnaire. Because of insufficient data, inability to contact owners or managers, and other factors, 16 firms were deleted from the sample. Additionally, warehouse respondents in the West were eliminated from the study to avoid disclosure of individual plant operations. The remaining sample of 66 compresses and 36 warehouses represented approximately 35 percent of the approved capacity of the universe and about 13 percent of the total number of plants. Factors Used to Project osts Percentage increase from ost item to Fkcd Depreciation nsurance Taxes nterest on investment Variable costs Labor Electricity, fuel, etc. Repairs & maintenance buildings Materials handling equipment otton insurance All other items 11. none none 1. 1/ Building cost computed at $2.69 per square foot for warehouses and $2.83 per square foot for compresses. Depreciation was computed at 2.6 percent of the total cost so derived. 2/ alculated at 7. percent of onehalf the replacement costs of buildings and equipment plus the full cost of land. Additional information regarding the depreciation rate schedule used and the procedure for cost allocation may be found in ost of Storing and andling otton at Public Storage Facilities, , with projections for and 19771, ERS443, USDA, April 197. E

14 Table 6.Receiving: Estimated cost per bale at selected warehouses, by area and United States, fiscal ost item Area South : South : South : United east : entral : west : States Dollars per bale Fixed costs Depreciation 1/...: nsurance...: Taxes...: Leases and rentals nterest on investment 2/ Total fixed costs...: Variable costs Personnel expenses andling equipment 3/...: Repairs and maintenance Other utilities...: ome office Warehouse supplies...: Office supplies...: Transportation expenses 4/...: Other 5/...: nterest, working capital 6/...: Total variable costs...: Total fixed and variable costs...: / osts are based on standardized depreciation rates applied to original acquisition costs of buildings and equipment. 2/ alculated at 8. percent of onehalf the acquisition costs of buildings and equipment plus the full cost of land. Actual expenditures of this nature were eliminated. 3/ osts for labor, repair, and operating fuel. Does not include wages paid drivers or operators nor depreciation. 4/ ncludes switching, demurrage, and nonrefundable hauling and freight. 5/ ncludes dues, subscriptions, audit, legal, etc. 6/ alculated at 8. percent per annum borrowed quarterly of the "outofpocket cost;" actual expenditures of this nature were eliminated. Note: See table for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding. 9

15 Table 7.Receiving: Estimated cost per bale at selected warehouses, by area and United States, fiscal Area ost item 1/ : South : South South : United east : entral : west : States Dollars per bale Fixed costs 2/ Depreciation...: nsurance Taxes...: nterest on investment...: Total fixed costs Variablecosts 3/ Personnel expenses...: andling equipment...: Repairs and maintenance...: Other utilities...: ome office...: Warehouse supplies...: Office supplies...: Transportation expenses Other...: nterest, working capital...: Total variable costs...: Total fixed and variable costs...: / See footnotes, table 6, for explanation of various cost items. 2/ Depreciation and interest on investment based on replacing facilities and equipment at price levels. Volumes of cotton were assumed to be distributed in the same proportionate patterns as prevailed in / ost developed from sample firms for were adjusted to reflect estimated changes expected to be incurred in Note: See table 1 for delineation of areas. Note: The sum of individual costs may not always add to the totals die to rounding. 1

16 Table 8.Receiving: Estimated cost per bale at selected compresses, by area and United States, fiscal Area ost item South South SouthWest United east : entral : west : : Ports : States Dollars per bale Fixed costs Depreciation nsurance Taxes Leases and rentals nterest on investment..: Total fixed costs Variablecosts Personnel expenses andling equipment Repairs & maintenance...: Other utilities ome office Warehouse supplies Office supplies Transportation expenses.: Other nterest, working capital Total variable costs..: Total fixed and variable costs / See footnotes, table 6, for explanation of various cost items. Note: See table 1 for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding. 11

17 Table 9.Receiving: Estimated cost per bale at selected compresses, by area and United States, fiscal Area ost item 1/ South : South : Southeast : entral : west : West Ports : : United : States Dollarsperbale Fixed costs Depreciation nsurance Taxes nterest on investment..: Total fixed costs Variable costs Personnel expenses andling equipment Repairs & maintenance...: Other utilities ome office Warehouse supplies Office supplies Transportation expenses.: Other nterest, working capital Total variable costs..: Total fixed and variable costs...: / See footnotes, table 6, for explanation of various cost items, and footnotes, table 7, for basic assumptions. Note: See table 1 for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding. 12

18 Table 1.Storage: Estimated cost per bale per month at selected warehouses, by area and United States, fiscal ost item 1/ Southeast Area South : entral : Southwest United : States Dollarsperbale Fixed costs Depreciation...: nsurance...: Taxes Leases and rentals nterest on investment Total fixed costs...: Variable costs Personnel expenses andling equipment...: Repairs and maintenance otton insurance Licenses and bonds...: Other utilities ome office Warehouse supplies...: Office supplies laims...: Transportation expenses...: Other nterest, working capital Total variable costs...: Total fixed and variable costs...: / See footnotes, table 6, for explanation of various cost items. Note: See table 1 for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding. 13

19 Table ll.storage: Estimated cost per bale per month at selected warehouses by area and United States, fiscal Area ost item : South : South South United east : entral : west : States Dollarsperbale Fixed costs Depreciation...: nsurance...: Taxes...: nterest on investment...: Total fixed costs Variable costs Personnel expenses...: andling equipment...: Repairs and maintenance...: otton insurance...: Licenses and bonds...: Other utilities...: ome office...: Warehouse supplies...: Office supplies...: laims...: Transportation expenses...: Other nterest, working capital...: Total variable costs...: Total fixed and variable costs...: / See footnotes, table 6, for explanation of various cost items and footnotes, table 7, for basic assumptions. Note: See table 1 for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding. 14

20 Table 12.Storage: Estimated cost per bale per month at selected compresses, by area and United States, fiscal Area ost item South South South : : United east : entral : west West : Ports : States Dollarsperbale Fixed costs Depreciation...: nsurance Taxes Leases and rentals nterest on investment..: Total fixed costs...: Variable costs Personnel expenses andling equipment Repairs & maintenance...: otton insurance Licenses and bonds Other utilities ome office Warehouse supplies Office supplies laims Transportation expenses.: Other nterest, working capital Total variable costs..: Total fixed and variable costs / See footnotes, table 6, for explanation of various cost items. Note: See table 1 for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding. 15

21 Table 13.Storage: Estimated cost per bale per month at selected compresses, by area and United States, fiscal Area ost item J South South South United east : entral : west : West : Ports : States Dollars per bale Fixed costs Depreciation...: nsurance...: Taxes...: nterest on investment..: Total fixed costs...: Variable costs Personnel expenses andling equipment Repairs & maintenance...: otton insurance Licenses and bonds Other utilities ome office Warehouse supplies Office supplies laims Transportation expenses.: Other nterest, working capital Total variable costs..: Total fixed and variable costs / See footnotes, table 6, for explanation of various cost items, and footnotes', table 7, for basic assumptions. Note: See table 1 for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding. 16

22 Table 14.Breakout: Estimated cost per bale at selected warehouses, by area and United States, fiscal Area ost item : South : South : South : United east : entral : west : States Dollars per bale Fixed costs Depreciation...: nsurance Taxes : Leases and rentals...: nterest on investment...: Total fixed costs...: Variable costs Personnel expenses...: andling equipment...: Other utilities...:.1 * Warehouse supplies...: Transportation expenses...: * Other...:.3.1 nterest, working capital...: Total variable costs...: Total fixed and variable costs...: / See footnotes, table 6, for explanation of various cost items. * Less than $.5 per bale. Note: See table 1 for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding. 17

23 Table 15.Breakout: Estimated cost per bale at selected warehouses, by area and United States, fiscal Area ost item!' South : South : South : United east : entral : west : States Dollars per bale Fixed costs Depreciation..,,...:.5.89,57.61 nsurance......: Taxes,...: nterest on investment,...; Total fixed costs...: Variablecosts Personnel expenses....: andling equipment... : other utilities...,,,,,.:.1 * Warehouse supplies : Transportation expense...: * Other..,.,..,...,.,...:.3.1 nterest, working capital... : Total variable costs,,.,,,...: Total fixed and variable costs,,.: / See footnotes, table 6, for explanation of various cost items, and footnotes, table 7, for basic assumptions, * Less than $.5 per bale. Note: See table 1 for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding. 18

24 Table 16.Breakout: Estimated cost per bale at selected compresses, by area and United States, fiscal Area ost item 21 South South : South : West : Ports : United east : entral : west : : : States Dollarsperbale Fixed costs Depreciation...: nsurance Taxes Leases and rentals...: nterest on investment..: Total fixed costs Variable costs Personnel expenses andling equipment Other utilities... * *.6.1 ome office...:.3.1 Warehouse supplies Office supplies...:.1. * Transportation expenses.: Other... * nterest, working capital Total variable costs..: Total fixed and variable costs / See footnotes, table 6, for explanation of various cost items. * Less than $.5 per bale. Note: See table 1 for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding. 19

25 Table 17.Breakout: Estimated cost per bale at selected compresses, by area and United States, fiscal Area ost item 1/ : South : South : South : West : United east : entral : west : : Ports : States Dollarsperbale Fixed costs Depreciation...: nsurance Taxes nterest on investment..: Total fixed costs Variable costs Personnel expenses andling equipment Other utilities... * *.6.1 ome office Warehouse supplies Office supplies...:.1 Transportation expenses.: Other...: * nterest, working capital Total variable costs..; Total fixed and variable costs / See footnotes, table 6, for explanation of various cost items, and footnotes, table 7, for basic assumptions. * Less than $.5 per bale. Note: See table 1 for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding. 2

26 Table 18..Shipping: Estimated cost per bale at selected warehouses, by area and United States, fiscal Area ost item 1/ : South : South South : United east : entral : west : States Fixed costs Dollars per bale Depreciation...: nsurance......: Taxes..... oo....: Leases and rentals,...,...: nterest on investment..,...: Total fixed costs,...: Variablecosts Personnel expenses.....: andling equipment......: Repairs and maintenance....: other utilities : ome office : Warehouse supplies......: Office supplies...: Transportation expenses...: Other....,.. : nterest, working capital...: Total variable costs...,: Total fixed and variable costs..: / See footnotes, table 6, for explanation of various cost items. Note: See table 1 for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding, 21

27 Table 19.Shipping: Estimated cost per bale at selected warehouses by area and United States, fiscal Area ost item South : South : South : United east : entral : west : States Dollars per bale Fixed costs Depreciation... :.13, nsurance...,...: Taxes.,...,...: nterest on investment,...: Total fixed costs...: Variablecosts Personnel expenses...: andling equipment.o...e... : Repairs & maintenance,.,...,...: Other utilities...,...,...,,: ome office....: Warehouse supplies...: Office supplies...: Transportation expenses...: other ,.: nterest, working capital... : Total variable costs...,,.: Total fixed and variable costs.,.: / See footnotes, table 6, for explanation of various cost items, and footnotes, table 7, for basic assumptions. Note: See table for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding. 22

28 Table 2.Shipping: Estimated cost per bale at selected compresses, by area and United States, fiscal Area ost item : South South : South West Ports United east : entral : west : : : States Dollarsperbale Fixed costs Depreciation...: nsurance Taxes Leases and rentals...: * nterest on investment..: Total fixed costs...: Variablecosts Personnel expenses andling equipment Repairs & maintenance...: Other utilities ome office Warehouse supplies Office supplies Transportation expenses.: Other nterest, working capital Total variable costs..: Total fixed and variable costs / See footnotes, table 6, for explanation of various cost items. * Less than $.5 per bale. Note: See table 1 for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding. 23

29 Table 21.Shipping: Estimated cost per bale at selected compresses, by area and United States, fiscal Area ost item : South : South South : United east West entral : west Ports : States Dollars per bale Fixed costs Depreciation.,.,,...,.,.: nsurance.,..,,..,.,..,,: Taxes,...,,.,: nterest on investment..: Total fixed costs.,..,: Variable costs Personnel expenses...: andling equipment..,,,.: Repairs & maintenance...: Other utilities,,,...,,: ome office,,.,....: Warehouse supplies...: Office supplies...: Transportation expenses.; Other : nterest, working capital...,...,: Total variable costs..: Total fixed and variable costs,.,,..,...: / See footnotes, table 6, for explanation of various cost items, and footnotes, table 7, for basic assumptions. Note: See table 1 for delineation of areas. ote: The sum of individual costs may not always add to the totals due to rounding. 24

30 Table 22.Standarddensity compression: Estimated cost per bale at selected compresses, by area and United States, fiscal ost item 1/ Area : South : South : South : United east : entral : west : West Ports : : States Dollars per bale Fixed costs Depreciation,.,...: , ,15 nsurance., Taxes...: Leases and rentals..,,,,: nterest on investment..: Total fixed costs.,...; Variable costs Personnel expenses...: andling equipment...,: Repairs & maintenance.,.: Fuel, compress...: Other utilities...: ome office.,...,...,,: Warehouse supplies...; Office supplies.,...: Transportation expenses.: *.14 Other,...,..,,..,,: nterest, working capital...: Total variable costs,,: 1,4 1,471 1,329 1, ,413 Total fixed and variable costs..,...,...: ,82 1, / See footnotes, table 6, for explanation of various cost items. * Less than $.5 per bale. Note: See table 1 for delineation of areas, Note: The sum of individual costs may not always add to the totals due to rounding. 25

31 Table 23.Standarddensity compression: Estimated cost per bale at selected compresses, by area and United States, fiscal Area ost item South : South South : : : United West east : entral : west : : Ports : States Dollarsperbale Fixed costs Depreciation...: nsurance Taxes nterest on investment..: Total fixed costs Variable costs Personnel expenses...: andling equipment Repairs & maintenance...: Fuel, compress Other utilities ome office Warehouse supplies Office supplies Transportation expenses.: Other nterest, working capital Total variable costs..: Total fixed and variable costs...: / See footnotes, table 6, for explanation of various cost items, and footnotes, table 7, for basic assumption's. Note: See table 1 for delineation of areas. Note: The sum of individual cost may not always add to the total due to rounding. 26

32 Table 24.ighdensity compression: Estimated cost per bale at selected compresses, by area and United States, fiscal Area ost item! South South South United east : entral : west : West : Ports : States Dollarsperbale Fixed costs Depreciation...: nsurance Taxes Leases and rentals nterest on investment..: Total fixed costs Variable costs Personnel expenses andling equipment Repairs & maintenance...: Fuel, compress Other utilities ome office Warehouse supplies Office supplies Transportation expenses.: Other nterest, working capital Total variable costs..: Total fixed and variable costs...: / See footnotes, table 6, for explanation of various cost items. Note: See table 1 for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding. 27

33 Table 25.ighdensity compression: Estimated cost per bale at selected compresses, by area and United States, fiscal ost item 1/ Area : South : South : South : United east : entral : west : West Ports : : States Dollars per bale Fixed costs : Depreciation... e.:, nsurance..,...: Taxes,.,.,.,.,...,...: nterest on investment.: Total fixed costs.,..: Variable costs Personnel expenses...: , andling equipment...: Repairs & maintenance,.:.21, Fuel, compress...,...: Other utilities....: ome office,.,,.,,,,,,.: Warehouse supplies...: Office supplies,..... : Transportation expenses.. s ,1.22 Other,,,,,..,.,,.,.,,,,,: nterest, working capital..,,.,.,...,..: Total variable costs,: ,212 1, Total fixed and variable costs,,,,,,,.,: 3, ,571 2, / See footnotes, table 6, for explanation of various cost items, and footnotes table 7, for basic assumptions. NQte: See table 1 for delineation of areas. Note: The sum of individual costs may not always add to the totals due to rounding.

34 Table 26.Storage: apacity available for indicated average total cost levels at 7percent average occupancy, by area and United States, fiscal ost per bale : Storage capacity of plants in (dollars) : South : South South 1/ : east : entral : west : West United : States Bales Less than : 349,8 349, ,56 692, : 692,56 692, : 692,56 692, : 291, ,56 984, : 965, ,56 631,13 185,34 2,474, : 965, ,97 1,327, ,334 4,213, : 1,1,555 1,35,81 1,571,121 1,114,854 4,822, :1,1,555 1,35,81 1,833,364 1,422,758 5,392, :1,344,826 1,35,81 1,833,364 1,422,758 5,636, :1,699,756 1,35,81 2,286,796 1,425,758 6,448, : 1,699,756 1,373,61 2,617,723 1,566,34 7,256, : 1,859,664 1,677,443 3,13,819 1,723,882 8,364, : 2,543,913 2,871,42 4,292,873 1,723,882 11,432, : 2,747,853 3,214,18 4,86,563 1,839,867 12,68, : 2,747,853 3,532,18 5,57,883 1,839,867 13,69,783 4,8...: 2,747,853 4,48,764 5,82,73 1,839,867 14,438,557 5,...: 2,747,853 4,766,766 5,82,73 1,839,867 15,156, :3,6,878 5,237,84 5,993,615 1,953,852 16,192, ,95,445 5,63,955 5,993,615 1,953,852 16,646, : 3,342,258 5,645,544 6,376,7 1,953,852 17,318, ,,...: 3,657,112 6,217,575 6,376,7 1,953,852 18,25, : 3,734,612 6,57,112 6,376,7 1,953,852 18,572, : 3,734,612 6,57,112 6,376,7 2,6,238 18,678, : 3,734,612 6,879,952 6,376,7 2,6,238 19,51, ,...: 3,734,612 7,168,592 6,376,7 2,6,238 19,34, : 3,734,612 7,168,592 6,376,7 2,6,238 19,34, ,...; 3,734,612 7,168,592 6,376,7 2,6,238 19,34, : 3,913,571 7,168,592 6,376,7 2,6,238 19,519,11 7.4,...,.,..: 4,128,67 7,168,592 6,376,7 2,6,238 19,734, :4,128,67 7,658,529 6,513,647 2,6,238 2,361, : 4,25,914 8,4,129 6,513,647 2,6,238 2,864, : 4,339,481 8,4,129 6,513,647 2,6,238 2,953,495 All plants..; 5,237,22 8,963,224 7,519,611 2,32,177 24,4,34 / Per bale cost for 12 months' storage including depreciation and interest based on estimated price levels. Note: See table 1 for delineation of areas. The port facilities of Louisiana are combined with the South entral and the Texas port facilities are combined with the Southwest. 29

35 Table 27.Storage: apacity available for indicated average outofpocket cost levels at 7percent average occupancy, by area and United States, fiscal ost per bale Storage capacity of plants in (dollars) South South : Southeast : entral : west : West United : States Bales Less thanl.6...: 77, ,56 545,11 185,34 2,13, : 965,595 1,35,81 993, ,34 3,179,877 2,...: 965,595 1,35,81 993,141 1,114,854 4,19, : 965,595 1,35,81 993,141 1,255,436 4,249,973 1,1,555 1,35,81 1,833,364 1,255,436 5,225, : 1,344,826 1,369,73 2,29,142 1,677,325 6,881, ,...: 1,344,826 1,489,13 2,491,12 1,677,325 7,2, : 1,54,734 1,677,443 2,617,723 1,836,867 7,636,767 3,2...:2,168,717 1,746,758 2,617,723 1,836,867 8,37, : 2,747,853 1,982,295 3,154,556 1,836,867 9,721, : 2,747,853 2,778,42 4,1,177 1,839,867 11,376,299 3,8...: 2,747,853 4,279,862 4,171,817 1,839,867 13,39,399 4,...: 2,747,853 5,36,155 4,99,685 1,839,867 14,83, ,83,233 5,36,155 5,993,615 1,953,852 16,336, : 3,83,233 5,36,155 5,993,615 1,953,852 16,336, ,,...,...: 3,242,883 5,644,544 5,993,615 1,953,852 16,834, : 3,51,98 5,644,544 5,993,615 1,953,852 17,93, ,..,...: 3,51,98 5,88,81 5,993,615 1,953,852 17,329, : 3,734,612 6,56,112 5,993,615 2,6,238 18,294, ,...: 3,734,612 6,56,112 5,993,615 2,6,238 18,294, : 3,734,612 6,878,952 5,993,615 2,6,238 18,667, ,,...: 3,734,612 7,167,592 5,993,615 2,6,238 18,956, : 3,913,571 7,167,592 5,993,615 2,6,238 19,135,16 6,2...: 3,913,571 7,43,129 5,993,615 2,6,238 19,37, : 3,913,571 7,43,129 5,993,615 2,6,238 19,37,553 6,6...: 3,913,571 7,43,129 6,513,647 2,6,238 19,89, : 4,128,67 7,657,529 6,513,647 2,6,238 2,36, ,...: 4,217,174 7,657,529 6,513,647 2,6,238 2,448, ,...,,...: 4,217,174 8,39,129 6,513,647 2,6,238 2,83,188 7,4...: 4,888,98 8,39,129 6,513,647 2,32,177 21,761, ,,,,,.,..,: 4,888,98 8,39,129 6,513,647 2,32,177 21,761, ,..,.,,,,,: 4,888,98 8,39,129 6,513,647 2,32,177 21,761, ,,..,:j888,98 8,39,129 6,513,647 22,177 21,761,861 All plants.,: 5,237,22 8,963,224 7,519,611 2,32,177 24,4,34 1/ Per bale cost for 12 months' storage excluding depreciation and interest based on estimated price levels. Note: See table 1 for delineation of areas. The port facilities of Louisiana are combined with the South entral and the Texas port facilities are combined with the Southwest. 3

36 Table 28.Storage and handling: apacity available for indicated average total cost levels at 7 percent average occupancy, by area and United States, fiscal ost per bale : Storage capacity of plants in (dollars) : South : South : South : West : United ' : east : entral : west : : States Bales Less than : 668, ,56 477,16 1,237,418 3,75, : 913,66 1,35,81 1,317,383 1,237,418 4,53, : 913,66 1,518,668 1,317,383 1,237,418 4,986, : 1,171,338 1,518,668 1,677,223 1,237,418 5,64, : 1,171,338 1,518,668 2,268,9 1,237,418 6,196, : 1,171,338 2,567,38 2,648,173 1,237,418 7,623,967W : 1,171,338 2,567,38 3,247,984 1,394,96 8,381, : 1,171,338 2,567,38 3,247,984 1,394,96 8,381, : 1,171,338 3,343,75 3,247,984 1,58,945 9,272, : 1,342,318 4,3,254 4,872,41 1,58,945 11,726, : 1,342,318 4,558,473 5,34,5 1,58,945 12,443, : 1,342,318 4,558,473 5,657,752 1,58,945 13,67, : 1,342,318 5,43,73 5,657,752 1,649,527 13,693, : 1,342,318 5,43,73 5,657,752 1,649,527 13,693, ; 1,43,885 5,43,73 6,4,837 1,649,527 14,164, : 1,43,885 5,43,73 6,232,379 1,649,527 14,356, : 1,689,91 5,13,343 6,232,379 1,649,527 14,72, : 1,767,41 5,721,395 6,232,379 1,766,512 15,487, ,927,318 6,582,963 6,232,379 1,766,512 16,59, ,927,318 6,837,363 6,232,379 1,766,512 16,763, ,...,: 1,927,318 6,837,363 6,232,379 1,766,512 16,763,572 9,2..,...: 2,131,534 6,837,363 6,232,379 1,766,512 16,967,788 9,4,,...: 2,131,534 6,837,363 6,232,379 1,766,512 16,967,788 9,6.,...,: 2,5,654 7,72,9 6,232,379 1,766,512 17,572,445 9,8,,,.,,..,.: 2,589,221 7,327,3 6,232,379 1,766,512 17,915,412 1,...,.,,..: 2,589,221 7,368,889 6, ,766,512 17,957,1 All plants..; 5,237,22 8,963,224 7,519,611 2,32,177 24,4,34 1/ Per bale cost for receiving, 12 months' storage, breakout, and shipping including depreciation and interest based on estimated price levels. Note: See table 1 for delineation of areas. The port facilities of Louisiana are combined with the South entral and the Texas port facilities are combined with the Southwest. 31

37 Table 29Storage and handling: apacity available for indicated average outofpocket cost levels at 7 percent average occupancy, by area and United States, fiscal ost per bale : Storage capacity of plants in (dollars) South : South South : West : United 1/ : east : entral : west : States Bales Less than 1,171,392 1,753,93 2,617,723 1,649,527 7,192,572 1,171,392 1,753,93 3,75,122 1,649,527 8,324,971 1,171,392 1,942,36 4,119,647 1,649,527 8,882,926 1,342,372 4,72,569 4,778,126 1,649,527 11,842,594 1,342, ,34 5,426,562 1,649,527 12,973,495 1,342,372 4,816,218 5,657,752 1,649,527 13,465,869 1,342,372 4,816,218 5,849,294 1,649,527 13,657,411 1,342,372 5,348,555 5,849,294 1,649,527 14,189,748 1,43,939 5,348,555 5,849,294 1,649,527 14,278,315 1,43,939 5,62,955 5,849,294 1,649,527 14,532,715 1,43,939 5,838,492 6,232,379 1,651,527 15,153,337 1,668,347 5,838,492 6,232,379 1,765,512 15,54,73 1,668,347 5,925,132 6,232,379 1,765,512 15,591,37 1,927,372 6,211,332 6,232,379 1,765,512 16,136,595 2,174,185 6,837,363 6,232,379 1,765,512 17,9,439 2,174,185 7,72,9 6,232,379 1,765,512 17,244,76 2,378,41 7,72,9 6,232,379 1,765,512 17,449,192 2,687,454 7,72,9 6,232,379 1,768,512 17,761,245 2,776,21 7,72,9 6,232,379 1,768,512 17,849,812 2,776,21 7,114,489 6,232,379 1,768,512 17,891,41 2,954,98 7,368,889 6,232,379 2,28,451 18,584,699 3,77,287 7,655,529 6,232,379 2,28,451 18,993,846 3,292,323 7,657,529 6,232,379 2,134,837 19,317,68 3,584,26 7,657,529 6,232,379 2,134,837 19,68,951 3,584,26 7,657,529 6,232,379 2,134,837 19,68,951 3,584,26 7,657,529 6,369,326 2,134,837 19,745,898 All plants..: 5,237,22 8,963,224 7,519,611 2,32,177 24,4,34 1/ Per bale cost for receiving, 12 months' storage, breakout, and shipping excluding depreciation and interest based on estimated price levels. Note: See table 1 for delineation of areas. The port facilities of Louisiana are combined with the South entral and the Texas port facilities are combined with the Southwest. 32

38 ' ' ') N N N )4 N '.,4 N 44 ' D ' oi N l) l') ' 4).44 i) Z N ' ") '),.4 4 ' 41') 3,4 ' D N,4)4 43 a) 43 ' a) a) ' '4 i) ' ' a) co '4 a) a) ) a).4 a. D N 4 N ), l) ' ') " 33.' ',4 N o 44 ' ' 4 ' '. 4.3 ). )) N '. l) 1) N N N N N ) U N ) ' #4,) ') a) co )) ' ' '. N ") ' 4,4 N N ) ) a) N.t 1') ' N l) N N N '4 a) )4 4 o ) 4 '... ' ) 4.) a)!') N N. '. ' N ) N 4.44 a) ' m.44 11) 1 4.) N ' ' N ' a) ',4.. '. ' U, '3 '.. '. N., 4 N. N., ') 4 N '. " a) ) ', N N " N ", ) 4 4 ) N U') '. 4 l) ) N 4 N. i) ) ) ) L) 4 N. ) a) 4. ) ' Z 4. N N. N. 4 U l 4 ). 41. ' '. ) ) ) N N. ' '.1 N ) ),4 N ' 1,4 N )., U '. 4,44 )... l ' "4.44 U 44 )44 l).44 4 d t) ) 4 N. ) ) 4.1 ' N.f N f.f.44 ' N.. '.. a) '.. 4/),4 f,4 '444 4)4.44 N f ' f N N ',4.44,4 4 N 4 ' f it) U') ) li ' ' ' '44 )3) i). a). ' U,4 4.4 a)41, ', 4,4 4,4. a).. a) L) OQ O ) 13 U a) 344 U 3E G) ' U a)' '.4) O a) a).. U 'O O o ) a)1 4la) i), ''G) 43 4 "4 ) U 1 41,44 44 '.4 '.4 i) 43 i) 13 ) O ' U U J #1 44 i) Q44 '.4')),ia) ' 4 o a) Ut) O ). 14 E ' U 8) 11. ' P4 F i) w 43) L) 33

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40 Table 32.Stocks of cotton: Volumes stored in public storage facilities by region and months, crop year 1/ Region Months South South : South : east : entral : west : West : Other Total 1, bales Volumes in storage, end of: August ,258 1, ,277 September...: 689 1,683 1, ,536 October.... 1,74 3,956 1,424 1,76 6 7,536 November... 1,212 4,162 2,15 1,6 8 9,87 December...: 1,264 3,892 2,729 1, ,66 January...: 1,2 3,485 2,46 1, ,839 February.... 1,144 3,156 2,193 1, ,989 March... 1,41 2,828 1,855 1, ,13 April...: 942 2,53 1,58 1,11 7 6,169 May ,285 1, ,369 June...: 78 2,48 1, ,627 July , ,977 1/ Based on production of 9.9 million bales. Monthly volumes in storage by region obtained from urrent ndustrial Report, Series M22P, U.S. Department of ommerce, Bureau of the ensus (monthly). 35

41 Table 33.Stocks of cotton: Estimated volumes stored in public storage facilities, by region and months, crop year 1/ Region : South : entral : west Months : South : : South : east : West : : Other Total 1, bales Volumes in storage, end of: August...; , ,975 September 518 1,264 1, ,47 October...: 914 3,366 1, ,412 November...: 1,82 3,716 1,879 1, ,113 December...; 1,169 3,61 2,525 1, ,937 January...,.: 1,11 3,196 2,256 1, ,16 February...: 1,38 2,864 1,99 1, ,25 March ,524 1,655 1, , ,29 1, ,385 May...,: 693 1,939 1, ,557 June.....; 579 1, ,782 July...; 482 1, ,112 1/ Based on an estimated production of 11.2 million bales. Monthly volumes in storage by region estimated from historical trends. 36

42 RELATED STUDES osts of Storing and andling otton at Public Storage Facilities, U.S. Dept. Agr., Econ. Res. Serv., ERS36, Oct ost of Storing and andling otton at Public Storage Facilities , with Projections for and U.S. Dept. Agr., Econ. Res. Serv., ERS443, April

43 UNTED STATES DEPARTMENT OF AGRULTURE WASNGTON, D OFFAL BUSNESS PENALTY FOR PRVATE USE. $3 `a~ POSTAGE $ FEES PAN) United States Department of Agriculture