On June 9, 2021, the U.S. Commodity Futures Trading Commission held a meeting of its Agricultural Advisory Committee, which ACSA President/CEO Buddy Allen and Vice-Chairman Tommy Hayden sit on. The Committee received a report from the Subcommittee to Evaluate Commission Policy with Respect to Implementation of Amendments to Enumerated Agricultural Futures Contracts with Open Interest. A special thank you to Azeez Syed of Olam Cotton for his work on the Subcommittee, and David Rossen of Allenberg Cotton Company for serving as a panelist during the meeting. The meeting also included a discussion on global ag commodity derivatives contracts and other agricultural risk management issues.
Category: News
News from the American Cotton Shippers Association
CCA Delivers Message to CICCA Members Regarding Xinjiang Cotton
On April 16, 2021, the China Cotton Association (CCA) wrote the Committee for International Co-operation Between Cotton Associations (CICCA) a letter regarding cotton in the Xinjiang region of China. The China Cotton Association also released a statement regarding the recent boycott on Xinjiang cotton by apparel brands. See both the letter and statement below.
Memphis Stakeholders Write Letter to Surface Transportation Board Regarding Intermodal Infrastructure
On April 14, 2021, Memphis stakeholders wrote a letter to Chairman Oberman of the Surface Transportation Board expressing the need for assistance in resolving the current inland rail crisis affecting importers, exporters and motor carriers in the area. See the full letter below.
MSU Publishes Expected PLC Payment Rates for 2020
On March 15, 2021, Mississippi State University published the expected PLC payments for the 2020 year. Please see the link below for more information.
Senate Banking Committee Considers Gensler to be a Member of the SEC
The link below provides an overview and key takeaways from the Senate Banking Committee hearing to consider Gary Gensler to be a Member of the U.S. Securities and Exchange Commission (SEC).
Quality Loss Adjustment Program for Cotton Summary as of February 9, 2021
The National Cotton Council provided a cotton specific summary of the Quality Loss Adjustment Program and examples. See below.
Senate Agriculture Committee Hearing Overview
Yesterday, the Senate Agriculture Committee held a hearing to consider the nomination of Tom Vilsack to be Secretary of Agriculture. Click below for details from the hearing.
China Policy and Market Update
In December, China imported 1,629,083 bales (354,691 MT) of cotton, representing an increase of 80.43% month-on-month (m/m), and an increase of 130.9% year-on-year (y/y). The total value was USD $588.82 million, representing an increase of 89.33% m/m, an increase of 117.21% y/y. In 2020, Chinese cotton imports totaled 9,912,346 bales (2,158,159 MT), an increase of 16.71% y/y. U.S. cotton was ranked as the largest supplier with a total of 4,486,242 bales (976,764 MT), accounting for 45.26% of total imports, the U.S. cotton’s market share increased 25.76% y/y. Brazil cotton was ranked as the second largest with a total quantity of 2,839,260 bales (618,176 MT), accounting for 28.64% of total imports, and its market share increased 1.31% y/y, according to the latest GACC statistics.
United States Warehouse Act 2020 Annual Report
On January 8th, the USDA released the United States Warehouse Act 2020 Annual Report.
