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May 17, 2024
 

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PAST ISSUES/ARCHIVES
 
Cotton's Week: June 7, 2024
Cotton's Week: May 31, 2024
Cotton's Week: May 24, 2024
Cotton's Week: May 17, 2024
 
 


 

House Releases Draft Farm Bill

House Agriculture Committee Chairman GT Thompson (R-PA) released his version of a new farm bill in advance of a committee markup that is expected on May 23.

The bill addresses several of NCC’s key priorities. Importantly, the legislation raises the seed cotton reference price to 42 cents per pound; increases premium support for the Supplemental Coverage Option to 80 percent while raising the top coverage level to 90 percent; raises the upland cotton Marketing Assistance Loan rate to 55 cents per pound and makes numerous reforms to the loan program to improve cotton flow; increases the Pima cotton loan rate to $1.00 per pound and adds marketing loan repayment provisions; increases the Economic Adjustment Assistance for Textile Mills rate to five cents per pound; and doubles funding for USDA’s commodity trade promotion initiatives. 

In a statement at https://bit.ly/3ymjY1Z, the NCC applauded Chairman Thompson for developing a draft legislation that addresses industry priorities and “urges this legislation to move forward in a bi-partisan manner with our industry committed to working with the leadership of the House and Senate to ensure final passage in 2024.” 

Complete farm bill text and other materials can be found at https://bit.ly/3ykYMcx.

 

 

EPA Administrator Faces Tough Questions in House Hearing

Environmental Protection Agency Administrator Michael Regan appeared before the House Energy and Commerce Committee’s Environment, Manufacturing, and Critical Materials Subcommittee on Wednesday for a wide-ranging and occasionally contentious hearing.

Cotton was brought up when Representative Rick Allen (R-GA) expressed concern that farmers in his district may soon be restricted from using dicamba and acephate pesticides. Allen pointed out that if permanent prohibitions on these products are put in place, “we cannot expect farmers to continue to operate.” Regarding dicamba, Allen expressed the hope that EPA will expedite the approval of new labels submitted by the registrants.

Additionally, a few subcommittee members expressed concerns about EPA’s new particulate matter standards. In his opening statement, the subcommittee’s chairman, Representative Buddy Carter (R-GA), stated that particulate matter regulations will “gridlock permitting at new and expanded manufacturing facilities.”

More information and a link to the hearing can be found at https://bit.ly/44Di0pK.

 

NCC Supports Appointee to Key Rail Policy Post

The NCC and the American Cotton Shippers Association joined over 20 organizations in signing a letter of support for Robert Primus, who was appointed by President Biden to serve as the next Chairman of the Surface Transportation Board (STB).

The letter at https://bit.ly/3UMcSLr praises Primus, who has served on the STB since 2021, for his “push to improve rail service, create more rail-on-rail competition, and develop a more streamlined method for freight rail customers to challenge unreasonable rates.” It also points out that prior to serving on the STB, Primus had many years of experience working on freight and passenger rail policy on Capitol Hill.

If confirmed by the Senate, Primus would replace Martin Oberman, who retired as STB Chairman last Friday after serving three years in the role.

 

Mid-South-Southeast Gin School Registration Still Open

U.S. certified ginners, gin managers and superintendents are urged to register for the Mid-South-Southeast Ginners School at the Abraham Baldwin Agricultural College in Tifton, GA, June 4-6. 

Online registration and course descriptions are at www.cotton.org/ncga/ginschool/index.cfm. The school will offer the Levels I, II and III courses as well as the continuing education courses. 

Programming is coordinated by the National Cotton Ginners' Association (NCGA), working with USDA’s Greg Holt and USDA’s ginning laboratories.

School cooperators include USDA's Agricultural Research Service, NCGA and its member associations, the NCC, the Texas Cotton Ginners Trust, Cotton Incorporated, gin machinery/equipment manufacturers and suppliers, and select land grant universities.

 

Sales, Shipments Steady

Net export sales for the week ending May 9, 2024 were 164,900 bales (480-lb.). This brings total ‘23-24 sales to approximately 12.5 million. Total sales at the same point in the ‘22-23 marketing year were approximately 13.3 million bales. Total new crop (‘24-25) sales are 1.7 million bales (480-lb.). 

Shipments for the week were 251,200 bales, bringing total exports to date to 9.1 million bales, compared with the 9.4 million bales at the comparable point in the ‘22-23 marketing year.

 

Capital Calendar

May 14

The House and Senate convened.

May 15

The House Energy and Commerce Committee’s Environment, Manufacturing, and Critical Minerals Subcommittee will hold a hearing to receive testimony from EPA Administrator Michael Regan. More information and link to view the hearing are at https://bit.ly/44Di0pK

Next Week

May 20

The Senate convenes.

May 21

The House convenes.

 

 
Effective May 17-23, 2024

 

Adjusted World Price, SLM 11/16 59.46 cents *
Fine Count Adjustment ('22 Crop) 0.11 cents  
Fine Count Adjustment ('23 Crop) 0.36 cents  
Coarse Count Adjustment 0.00 cents  
Marketing Loan Gain Value 0.00 cents  
Import Quotas Open 13  
Special Import Quota (480-lb. bales) 407,388  
ELS Payment Rate 0.00 cents  
*No Adjustment Made Under Step I  
     
Five-Day Average  
Current 5 Lowest 13/32 CFR Far East 83.73 cents  
Forward 5 Lowest 13/32 CFR Far East  83.23 cents
Fine Count CFR Far East 85.82 cents  
Coarse Count CFR Far East 85.37 cents  
Current US 13/32 CFR Far East 86.30 cents  
Forward US 13/32 CFR Far East 86.20 cents