External Meetings: Meeting w/Delta Strategy Group, Louis Dreyfus, Noble

Topic:  Louis Dreyfus and Noble discussed cash market practices in the cotton market.  Their view is that CFTC should recognize, as a bona fide hedging position, a calendar month spread comprised of long nearby futures and short deferred futures when a commercial merchant has entered into a cash market sale of cotton on call (an unfixed price sales contract), prior to the cash market counterparty fixing the cotton on call price (resulting in a fixed price sales contract).