Author: Caroline Berry

Please use the link below for a glance at the upcoming events for the week of November 3.

Document here.

Over the past several months, the National Cotton Council’s Quality Task Force and the U.S. Department of Agriculture-Agricultural Marketing Service (USDA-AMS) have been working to expand the number of bales included in the ongoing Four-Bale Module Averaging Pilot program, which is not limited to four bales per group.

See updated fact sheet from USDA-AMS on what bales qualify for the pilot and frequently asked questions below.

Fact sheet here.

USDA Export Sales will begin the second and final round of demonstrations and training for the new online Export Sales Reporting and Query System (ESRQS) on Thursday, August 28, 2025. Exporters who have not yet participated are strongly encouraged to register for a session and test the system in preparation for its mid-October launch.

To register in ESRQS, log in with the same email used for the legacy system, reset your password, and enter the ESRQS Exporter Number provided via email on June 24, 2025. If you need your Exporter Number, contact Amy Harding at [email protected].

• Register for training: https://forms.office.com/g/Jn7R4jCCn4
• Access and test the new ESRQS system: https://stgapps.fas.usda.gov/esrqs/#/home

The Export Sales Reporting Program is required by law and early registration will help ensure a smooth transition when the new system goes live in October.

The American Cotton Shippers Association has joined a broad coalition of agricultural organizations in support of H.R. 4601, the Seasonal Ag CDL Modernization Act, introduced by Representative Tracey Mann (R-KS) with 20 bipartisan co-sponsors. This legislation would modernize and streamline the Farm-Related Restricted Commercial Driver’s License program to better meet the seasonal workforce needs of the agriculture industry.

Letter here.

Key Takeaways:

• Chairman Boozman (R-AR) stated the CFTC should regulate the trading of digital commodities due to its market knowledge and understanding of the unique characteristics of commodities and commodity-based contracts, alongside its flexible and constructive regulatory approach.  
• Chairman Boozman asked how self-certification is striking the right balance between allowing the Commission to prohibit unlawful contracts while fostering liquid and efficient markets and supporting market innovation. Quintenz responded that it was a critical feature of the Commodity Futures Modernization Act (CFMA) of 2000.  He noted many were delisted because they did not develop liquidity, while some became critical to risk management, liquidity, and price discovery markets. 
• Quintenz discussed how the Commodity Exchange Act’s (CEA) principles-based approach to regulation and self-certification framework has created a marketplace that continues to thrive with integrity, while also innovating with new hedging tools to manage varying risks.  He called for regulation that is both pro-innovation and pro-customer protection.  He said that principles-based regulation prevents a one-size-fits-all regime that locks in the technology approach or a standard approach.  
• Quintenz affirmed his commitment to ensuring that Commodity Futures Trading Commission (CFTC)-regulated markets remain the most innovative, liquid, and resilient hedging and price discovery markets.  He reiterated his intention to continue the CFTC’s strong focus on risk, innovation, as well as reciprocity with foreign jurisdictions, in addition to his commitment to sponsoring the Agriculture Advisory Committee.  
• Several discussions cited the growth of prediction markets, with Senator Hyde Smith (R-MS) questioning how the CFTC should approach prediction markets in balancing innovation with the need for regulatory clarity and market integrity. Quintenz said he does not want to be a value judgment regulator and will work to take a clear approach that is predictable, repeatable, durable, and legal. 
• Senator Marshall (R-KS) asked about CFTC’s role in both allowing responsible innovation in areas like 24/7 trading and perpetual futures contracts but also ensuring traditional market structures are not exposed to potentially harmful changes. Quintenz recognized concerns from agricultural and energy markets, stating that there is no reason that 24/7 trading, if it is allowed for and flourishes in one area, must translate to other areas.  
• In response to Ranking Member Klobuchar’s (D-MN) concerns about expanded derivatives trading hours causing price dislocation, especially in lower volume markets like agricultural markets, Quintenz noted the unique trading hours between agricultural contracts. He emphasized that the CFTC should prioritize input from all stakeholders, particularly agricultural risk managers and hedgers, before permitting broader adoption.
• Democrats, led by Ranking Member Klobuchar (D-MN), questioned Quintenz on his potential conflicts of interest relating to crypto and event contracts due to his roles with A16z and Kalshi. 
• Senator Smith (D-MN) and Warnock (D-GA) questioned Quintenz on whether he would encourage the President to nominate minority Commissioners to ensure bipartisanship within the Commission, cautioning against erosion of regulators’ independence. Quintenz responded that the President will make his own decisions with the advice and consent of Congress, with Senator Warnock emphasizing the Chair’s responsibility to preserve the bipartisan spirit of moderation at the CFTC. 

ACSA, along with other agricultural groups, signed onto a letter endorsing Brian Quintenz to be chairman of the Commodity Futures Trading Commission.

Letter here.