The PDF below provides an outline of the next COVID-19 relief package agreed upon by The White House and Senate Republicans. Senate Republicans plan to release the plan today to allow for the Senate and House to begin discussion.
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.”
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.
On July 21st, U.S. Commodity Futures Trading Commission’s Market Risk Advisory Committee had a meeting. See PDF below for key takeaways and details provided by Delta Strategy Group.
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.
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.
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!
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.