Category: News

Please see the link below for details regarding the expected leadership positions for the 117th Congress.

Click Here

H.R. 6210 here.

Summary of the key provisions here.

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.

Cottonchina.org.cn, China’s leading cotton trade media outlet, has conducted a survey among over 100 textile mills to understand their operation and demand for cotton in September. Based on their findings, mills’ operating rate and orders continue to recover, and mills are expecting a better situation for the rest of the year. Here are the details for your reference. Provided by: Yuan Associates

More here.

Senator John Hoeven of North Dakota thanked ACSA Leadership for writing a letter of supporting for full CCC reimbursement during the continuing resolution negotiations.

Letter here.

Fourteen House Democrats from cotton states signed on to a letter to Speaker Nancy Pelosi expressing the importance of including the entire cotton supply chain in the next relief package. This letter was led by Representative David Scott of Georgia’s 13th district and Representative TJ Cox of California’s 21st district.

Letter here.

In a report to CFTC’s Ag Advisory Committee, Nate Kauffman of the Federal Reserve Bank of Kansas City updated the committee on the financial status of agriculture in the United States. Demonstrating a downturn in farm income and liquidity since 2013, Kauffman reviewed the strength and resilience of farm real estate supporting balance sheets in every Federal Reserve District. See Mr. Kauffman’s slides below.

Slides here.

USDA’s Agricultural Marketing Service (AMS) will be hosting four informative session for ACSA members regarding data collection, Cotton Marketing News, and more. Please see dates and details below.

More here.

More here.

There are eight major buckets of the proposal.

1. Testing & Health Care ($100 billion)
   • $25 billion testing – 3 million tests a day
   • $75 billion health care providers – relief released in CARES Act (health care provider community – forgives advanced Medicare reimbursement $45 million
2. Direct Assistant/Support for Individuals and Families ($316 billion)
   • $280 billion stimulus
     • Adult dependents would be eligible
     • Same restrictions on income
   • Plus up on WIC, SNAP 
   • Stabilize rental and mortgage market $25 billion
   • Student loan forbearance through December 31st
3. UI assistance ($120 billion)
   • 100% of income based on 2019 income – but we can go up to $600 for that support
   • 8-week transition period – during that time the plus up will be $450 across the board
   • 13 weeks going through Jan 2021
     • Another 13 weeks may get triggered
4. Small Businesses Support ($290 billion)
   • PPP $240 billion to SBA
     • Simplified loan forgiveness
     • Full transparency
     • $11 billion carved out for CDFIs
     • $50 billion for EIDL
   • $50 billion targeted ERTC
   • Continued support for the Main Street Lending Program
5. Schools and Child Care ($145 billion)
   • Use these dollars for all kinds of things
   • $15 billion childcare (30% of annual child care sector revenue)
     • Block grants
     • Dollars for provider relief (child care centers who can return to full capacity)
   • $100 billion K-12 lha
   • $30 billion higher education
6. State and Local Aid ($500 billion)
   • $130 hard past COVID-19 expenses
   • $130 hard forward looking COVID-19 expenses
   • $250 revenue shortfalls at local
   • $130 – already exists CARES Act funds
7. Election Aid ($400 million)
   • Poll workers, temporary staffers, polling location PPE, etc.
8. Miscellaneous
   • $12 billion rural broadband hotspots, particularly under-served rural and urban areas
   • $25 billion agriculture and aquaculture
   • $15 billion USPS and reform of pre-funding requirement
   • Move back timelines on census
   • Liability protections- good-faith companies should not deal with frivolous lawsuits
     • Robust enforcement of worker safety

Automatic Booster and Reducers

• $1.5 trillion to $2 trillion if needed
• Down to $1.3 trillion if not
• Fact based and evidenced based
• Metrics to determine if booster or reducer trigger:
  • Hospitalization numbers
  • Availability of vaccine

Notes

• No additional paid leave