The U.S. House of Representatives will likely pass a $1.5 trillion infrastructure bill. The picture below demonstrates how money would be allocated through The Moving Forward Act.
U.S. House Bill Proposes Infrastructure Spending
Category: Uncategorised
CFTC Opening Meeting
On June 25, the Commodity Futures Trading Commission (CFTC) held an open meeting. The link below provides the key takeaways from the meeting.
Review Classification for Plastic Extraneous Matter
USDA/AMS announced today that beginning July 1, 2020, modifications will be made to the cotton and tobacco policy regarding Review and Rework for classifications originally designated with plastic extraneous matter. Three modifications were made. See link for details.
China Policy and Market Update
In August, China imported 651,522 bales (141,852 MT) of cotton, representing a decrease of 4% m/m, and an increase of 54% y/y. Imports from U.S. included 470,857 bales (102,517 MT), representing an increase of 5% m/m, and an increase of 543% y/y, accounted for 72% of the total. In 2020, Chinese cotton imports totaled 5,458,448 bales (1,188,437 MT) with a decrease of 17% y/y. U.S. cotton was ranked as the largest supplier with a total 2,266,329 bales (493,435 MT), accounting for 42% of total imports. The report (below) also provides information on other topics such as textile and apparel exports, the tensions between U.S. and China, and more.
NCC Recommendations for COVID-19 Assistance
This week, the National Cotton Council released their recommendations for COVID-19 assistance. In the document, NCC discusses the economic devastation that COVID-19 has had on the cotton industry, including details regarding cancellations in export sales and decrease in world consumption. NCC provided 3 recommendations that would support the segments of the cotton industry. The recommendations can be found using the link below.
CNTAC Promotes Chinese Contract Performance
This week, Mr. Sun Ruizhe, President of China National Textile and Apparel Council (CNTAC), wrote a letter to ACSA to discuss actions they are willing to take to promote contract performance from Chinese companies. The letter from CNTAC is provided below.
ACSA Enhances Communication with CCA
ACSA has been in communication with the China Cotton Association (CCA) regarding trade between United States and China. This week CCA provided ACSA with the latest on the Chinese cotton industry. WANG Jianhong, Vice President and Secretary General, also wrote ACSA a letter thanking us for our latest discussions regarding the United States and China’s cotton industry.
Click Here for CCA letter
Click Here for translated CCA letter
Click Here for Chinese cotton industry information
ITMF Newsletter Indicates Large Decline in Global Orders
The International Textile Manufacturers Federation posted in its weekly newsletter that current orders continue to be down in the mist of the COVID-19 pandemic. They state that orders across all segments of the global textile value chain have fallen between 37%-46% depending on the segment. Visit the link below to see the full ITMF newsletter.
ACSA & WCSA Submit Comment Letters Regarding ELS Cotton’s Inclusion to CFAP
The American Cotton Shippers Association (ACSA) and Western Cotton Shipper Association (WCSA) would like to thank USDA for the opportunity to submit comment letters regarding the eligibility of ELS to the Coronavirus Food Assistance Program (CFAP). Both ACSA and WCSA provided information regarding the impacts of the US/China Trade War and COVID-19 on the cotton industry, in particular ELS cotton. Please see the following links to view the submitted letters.
Click Here for ACSA’s Comment Letter
Click Here for WCSA’s Comment Letter
Hawaii Meeting Indicated Improving US-China Relations
On June 16th and 17th, Mike Pompeo, United States Secretary of State, met with Yand Jiechi, member of the Political Bureau of the Central Committee of the Communist Party of China and Director of the Office of the Foreign Affairs Commission of the CPC Central Committee. The document below provides an overview of the meeting and suggestions on how to further develop the relationship between the United States and China.
