Today's Cotton Newsline is 4 cuts. All cuts are Jimmy Dodson, President of Dodson Farms, Inc. in Robstown, Texas.
Suggested Introduction 1:
U.S. cotton industry leaders met this week with senior U.S. government officials to discuss the serious financial losses accruing in all industry segments as a result of massive defaults on cotton export contracts. Industry leaders emphasized the threat these contract defaults posed to the growth of U.S. exports and underscored the crucial importance of contract sanctity and the enforcement of arbitration awards as cornerstones of international trade. Jimmy Dodson, a Robstown, Texas, cotton producer was in attendance.
Suggested Introduction 2:
The cotton industry leaders reported that contracts worth nearly $1 billion, covering sales of more than 4 million bales, are in various stages of default with little sign of resolution.
Suggested Introduction 3:
The delegation urged the U.S. officials to pressure foreign government counterparts, emphasizing the crucial importance of contract sanctity as a cornerstone of international trade and warning that a failure to enforce contracts will disrupt international trading relations and undermine the support for future trade agreements.
Suggested Introduction 4:
Textile mills in several countries, including Peru and Vietnam, have defaulted on millions of dollars of raw cotton contracts that
resulted in severe economic losses for U.S. cotton merchants and marketing cooperatives.