On July 16th, CFTC’s Technology Advisory Committee had a meeting to hear from the subcommittees. See PDF below for key takeaways and details provided by Delta Strategy Group.
Category: News
News from the American Cotton Shippers Association
2020/2021 Crop Year “Cost to Market” Adjustment
In the Upland Cotton Announcement – July 16, 2020, USDA stated that the “cost to market” adjustment for the 2020/2021 crop year will be 16.95 cents/lb. This adjustment will have an effective date for the week ending August 6, 2020. See the announcement below.
California and Arizona Representatives Write Sec. Perdue to Include ELS Cotton in CFAP
On July 10th, Reps. TJ Cox (D-CA),Jim Costa (D-CA), Josh Harder (D-CA), Ann Kirkpatrick (D-AZ) and Tom O’Halleran (D-AZ) write Secretary Perdue urging him to include ELS cotton in the CFAP. See the full letter below!
Biden and Sanders Unveil Unity Task Force Recommendations
On July 8th, former Vice President Joe Biden and Senator Bernie Santors unveiled the 110-page Biden-Sanders Unity Task Force Recommendations document. Click here for the document.
Expectations for Production and Carryover
Tomorrow at 11:00 AM CST, USDA will release the WASDE Report. Below are the expectations for 2020 U.S. production, U.S. carryover, and global carryover. The information in the following tables is obtained from Reuters.
China Cotton Reserve Auction Update
Yuan Associates has provided three reasons that the auction should not have a major impact on the market.
-The key intention of the auction is to improve the quality of the national reserve through rotation.
-The auction will satisfy the mills’ structural demand for low quality cotton.
-The flexible mechanism of the auction and the expectation of an incoming reserve refill will provide support for the cotton price.
Many individuals believe that the auction will create more space for China to purchase U.S. cotton, in order to trend towards meeting the Phase One Trade Agreement. The Chinese government has not confirmed these speculations. See the document below for the full report.
Overview of the Senate Banking Committee Hearing
On Tuesday, the Senate Banking Committee held a hearing over the topic “The Digitization of Money and Payments.” The link below provides key takeaways and an overview of the hearing.
Overview of the House Committee of Financial Services Hearing
On Tuesday, the House Committee on Financial Services held a hearing titled: “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response.” An overview of the hearing is provided below.
ACSA Engages with Cotton State Senators for Support of Tillis/Warner Letter
ACSA is enaging all of the cotton state Senators’ offices requesting their support for the Tillis/Warner cotton support letter. Click the link below to view ACSA’s letter.
Tillis/Warner Circulate Cotton Support Letter
Senators Tillis and Warner are circulating a cotton support letter to Senate leadership. Please visit the link below to see the letter.
