Bangladesh Textile Mills Association Writes ICA Regarding Difficulties to Fulfill Their Contracts

On July 18th, the Bangladesh Textile Mills Association (BTMA) wrote the International Cotton Association (ICA) in regarding to their inability to fulfill contracts due to the current environment. On July 22nd, ICA replied to BTMA by stating “the legal concept of force majeure is intended to cover those circumstances that could delay or impede the full execution of a contract. It does not cancel a contract or remove all obligations for either party.”

Click here for BTMA letter.

Click here for ICA reply.

CFTC’s Open Meeting

On July 22nd, U.S. Commodity Futures Trading Commission held an open meeting to consider two items: (1) Final Rule: Capital Requirements for Swap Dealers and Major Swap Participants; (2) Proposed Rule: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swaps Participants. See PDF below for key takeaways and details provided by Delta Strategy Group.

Click here.

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!

Click here.