ICE takes emergency steps to set cotton premiums on USDA shutdown

02 Oct, 2013

NEW YORK: IntercontinentalExchange Inc said on Wednesday it has taken emergency measures to assess premiums and discounts for its October cotton contract due to the closure of the US Department of Agriculture.

If the premiums and discounts, which are published by the USDA, are not available by the specific notice day for delivery against the contract, the exchange will use the most recent USDA data published, it said.

The USDA released its last data on Sept. 30 before closing due to the partial federal government shutdown, it said. It is unclear when government offices may reopen.

The last delivery date for the October contract, which expires on Oct. 9., is Oct. 23, according to the exchange's website.

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