USDA & USTR Say China Has Met 71% of 2020 Phase One Ag Purchase Target

On October 23rd, the Office of the United States Trade Representative (USTR) and the United States Department of Agriculture (USDA) released an Interim Report on the Economic and Trade Agreement between the United States of America and the People’s Republic of China. The report states, “Using the best methodology, we have calculated that China has purchased approximately 71 percent of its target for 2020. They have purchased $23.6 billion in agricultural products so far this year. This is substantially more than the base year of 2017, and should end up being our best year ever in sales to China. It is still to be seen whether they meet their target but particularly given the COVID-19 effects on the global economy they are making substantial progress. It is worth noting that the Phase One Agreement did not go into effect until February 14, 2020, and March is the first full month of its effect. That means that we have seen seven months of agreement sales.” See full report below.

Report here.

More Advocacy Issues

Today, the Biden Administration announced that it will invest more than $14 billion in funding for over 500 projects across the United States and associated territories. According to the fact sheet, the investment will include “$8 million to improve commercial navigation and allow larger and more ships to pass at the Port of Long Beach, California […]

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On January 5th, ACSA President/CEO Buddy Allen presented at 2022 Beltwide Cotton Conference on the logistical challenges that the cotton industry is currently facing. Mr. Allen presented on the current realities of the supply chain but provided encouraging comments about still achieving the USDA projected export number. He stated, “We do believe we’re going to […]

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On January 6th, ACSA President/CEO Buddy Allen and ACSA’s Transportation, Documentation, and Insurance Committee Chairman Michael Symonanis discussed the challenges faced by all links in the cotton supply chain. The article states, “The cotton export industry is primed for growth, and the logistics industry must solve the current supply chain challenges in preparation for volumes […]

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From December 8th through December 10th, China held its 2021 Central Economic Work conference in Beijing. See the link below for more details on the topics highlighted in the conference. More here.

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Today, House Agriculture Committee Chairman David Scott (D-GA) wrote a letter to the U.S. Department of Agriculture Secretary Tom Vilsack requesting a portion of USDA funding be allocated to help merchandisers of U.S. cotton. The American Cotton Shippers Association is very grateful for Chairman Scott’s continued support in our efforts to provide COVID-19 relief to […]

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CFTC GMAC Meeting

October 26th, 2021

Yesterday, the U.S. Commodity Futures Trading Commission held a meeting of its Global Markets Advisory Committee to hear presentations and provide dialogue on U.S. Treasury market issues. Conversations focused on recent stresses in markets and market reforms to prevent future stresses. More here.

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