Weekly Cotton Market Review - Amazon Simple Storage Service
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Weekly Cotton Market Review
Cotton and Tobacco Program Cotton Market News Division 3275 Appling Road Memphis, TN 38133 901.384.3016
Vol. 99 No. 12 October 20, 2017 Inside this Issue Market Overview Price Support Spot Quotations ICE Futures A Index
Average quotations were 108 points lower than the previous week, according to the USDA, Agricultural Marketing Service’s Cotton and Tobacco Program. Quotations for the base quality of cotton (color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength 27.0-28.9, uniformity 81.0-81.9) in the seven designated markets averaged 65.96 cents per pound for the week ending Thursday, October 19, 2017. The weekly average was down from 67.04 last week, and 69.47 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 66.69 cents Friday, October 13 to a low of 65.61 cents Thursday, October 19. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended October 19 totaled 5,235 bales. This compares to 6,513 bales reported last week and 18,347 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 55,675 bales compared to 62,548 bales the corresponding week a year ago. The ICE December settlement prices ended the week at 67.31 cents, compared to 67.84 cents last week. Average Prices 41-4-34
Southeastern
Date
SE
ND
SD
ET-OK
WT
DSW
SJV
7-MKT AVG
13-Oct 16-Oct 17-Oct
69.37 68.28 68.52
68.62 67.53 67.77
68.62 67.53 67.77
66.50 65.75 66.00
66.00 65.25 65.50
63.37 62.28 62.52
64.37 63.28 63.52
66.69 65.70 65.94
18-Oct 19-Oct
68.38 68.06
67.63 67.31
67.63 67.31
66.00 66.00
65.50 65.50
62.38 62.06
63.38 63.06
65.84 65.61
Date
SE
ND
SD
ET-OK
WT
DSW
SJV
7-MKT AVG
0-Jan
13-Oct
70.62
69.87
69.87
68.00
67.50
67.37
73.27
69.50
0-Jan
16-Oct
69.53
68.78
68.78
67.25
66.75
66.28
72.18
68.51
0-Jan
17-Oct
69.77
69.02
69.02
67.50
67.00
66.52
72.42
68.75
0-Jan 0-Jan
18-Oct 19-Oct
69.63 69.31
68.88 68.56
68.88 68.56
67.50 67.50
67.00 67.00
66.38 66.06
72.28 71.96
68.65 68.42
Textile Mill Report South Central Southwestern Western Cotton & Wool Pima Quotations
Average Prices 31-3-35
Date
Oct-17
Dec-17
Mar-18
May-18
Jul-18
Oct-18
Far Eastern A Index 1/ Current
13-Oct 16-Oct 17-Oct 18-Oct 19-Oct
68.62 67.53 67.77 67.63 67.31
68.16 67.32 67.48 67.33 67.01
68.97 68.16 68.32 68.28 68.02
69.59 68.77 68.90 68.95 68.74
68.20 67.46 67.66 67.75 67.60
68.52 67.81 68.06 68.15 67.98
77.70 78.50 77.70 77.85 77.85
Date 13-Oct 16-Oct 17-Oct 18-Oct 19-Oct
SE 0 0 0 0 0
ND 0 0 0 0 0
SD 0 0 0 0 0
ET-OK 305 1,517 1,300 508 739
WT 0 0 0 690 176
DSW 0 0 0 0 0
SJV 0 0 0 0 0
PIMA 0 0 0 0 0
Upland 305 1,517 1,300 1,198 915
Wkly Tot.
0
0
0
4,369
866
0
0
0
5,235
Futures Settlement
Cotton Market Reports
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Spot Transactions
Totals
Sources: USDA, AMS, Cotton and Tobacco Program, 1/ Cotlook
Southeastern Markets Regional Summary
Danny Pino Macon, GA [email protected]
Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was moderate. Average local spot prices were lower. Trading of CCC-loan equities was inactive. Harvest activity progressed at a rapid pace across the entire Southeast as mostly ideal weather conditions prevailed. Light, scattered rainfall was received in localized areas over the weekend, but soils were firm enough to support equipment during the week and fieldwork continued. Daytime high temperatures were in the lower 70s to mid-80s across Alabama, the Florida panhandle, and Georgia, with slightly cooler temperatures observed across the upper Southeast. In the lower Southeast, producers were attempting to get as much cotton off of the stalk as possible ahead of wet weather. Modules were accumulating on gin yards and ginning expanded. Producers were also busy mowing stalks in harvested fields. In Florida, increased feeding damage to root systems from nematodes has been observed and local experts encouraged producers to consider rotation and planting options next season. In the Carolinas, harvesting has been delayed in some fields due to recent wet weather. In addition, some fields will
require a second defoliation application due to regrowth. In South Carolina, lint quality was negatively affected in some fields due to recent wet weather and sunshine was welcomed during the week to help bleach discolored lint. According to the National Agricultural Statistics Service’s Crop Progress report released October 16, cotton harvested reached 33 percent in Alabama, 29 in South Carolina, 27 in Georgia, 20 in North Carolina, and 19 percent harvested in Virginia. Textile Mill Domestic mill buyers inquired for a moderate volume of color 51 and better, leaf 5 and better, and staple 34 and longer for January through October shipment. No sales were reported. Reports indicated most mills have covered their raw cotton needs through first quarter 2018. Yarn demand was moderate-to-good; denim demand remained lackluster. Most mills operated five to seven days. Demand through export channels was moderate. Agents for mills throughout the Far East inquired for any discounted styles of cotton.
Trading No trading activity was reported.
2
Photo Courtesy of: Danny Pino
3
South Central Markets Regional Summary
Jeff Carnahan Memphis, TN [email protected]
North Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was moderate. Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Cool, mostly clear weather prevailed during the period. Only trace amounts of rain were reported. Daytime temperatures were in the 70s and 80s. Overnight lows were mostly in the 50s, but another cold front brought lows in the 40s late week. Harvesting activities advanced steadily. Some fields remained to be defoliated as producers continued their careful monitoring of temperatures in order to properly time the application of defoliants to ensure complete effectiveness. Ginning was in full swing in the Memphis territory and most gins had large backlogs of modules on their yards. Producers were shredding stalks and preparing fields for the spring planting season. The Memphis Classing Office added a third shift to keep pace with sample receipts. According to the National Agricultural Statistics Service’s Crop Progress report released October 16, harvesting in Arkansas was 52 percent completed, 42 in Missouri, and 39 percent in Tennessee.
South Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was moderate. Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Sunny to partly cloudy skies characterized the weather pattern during the week. Daytime temperatures were in the 70s and 80s. Overnight lows dropped into the 40s and 50s. Harvesting activities were in full swing throughout the region. Most cotton acreage had been defoliated. Producers reported widely varying yields of 500 to 1,400 pounds. Ginning was well underway as the number of modules on gin yards increased. Several gins in Louisiana were only running one shift, due to a lack of available skilled workers. Producers shredded stalks and prepared fields for next season. According to the National Agricultural Statistics Service’s Crop Progress report released October 16, the crop had been 76 percent harvested in Louisiana, compared to 46 percent in Mississippi.
Trading No trading activity was reported. No trading activity was reported.
North Delta South Delta
4
Southwestern Markets Regional Summary
Jane Byers-Angle Lubbock, TX [email protected]
East Texas Spot cotton trading was active. Supplies and producer offerings were moderate. Demand was very good. Average local spot prices were lower. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were moderate to heavy. Interest was best from China, Pakistan, and Turkey. Harvesting was completed in the Upper Coastal Bend. Modules were transported to gin yards. Ginning continued uninterrupted. Harvesting and ginning continued in central and eastern Texas. Harvesting was estimated at 65 to 85 percent done. Corn and cotton are being harvested; some will complete harvesting corn and then move to cotton. Producers were encouraged with yields that were reported at 750 to 1,000 pounds per acre. Some gins reported difficulties with transporting bales off the yard, citing a lack of available trucks. Gin managers were making decisions on how to manage cottonseed piles, since the seed storage bins were filled to capacity. According to the National Agricultural Statistics Service’s (NASS) Crop Progress report released on October 16, Kansas bolls opening had reached 72 percent, down 3 points from average, and harvesting had reached 7 percent, up 2 points from
average. Defoliants and boll openers were applied to some fields. In Oklahoma, bolls opening had reached 91 percent, up 3 points from average, and harvesting had reached 11 percent, up 2 points from average, according to NASS. Harvesting expanded and modules had begun to accrue on gin yards. Some gins started a night shift to keep pace with module increases. West Texas Spot cotton trading was slow. Supplies and producer offerings were light. Demand was good. Average local spot prices were lower. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were moderate to heavy. Interest was best from China, Pakistan, and Turkey. Picker and stripper harvesting expanded with daytime temperatures in the upper 70s to upper 80s. More gins initiated ginning services and modules had begun to accumulate on gin yards. Some gins began night shifts to keep pace with the influx of modules. Boll openers and defoliants were applied to fields by plane and spray rigs. Field days and meetings were held around the region.
Trading East Texas A light volume of mostly color 21 and 31, leaf 2 and 3, staple mostly 36 and longer, mike 41-49, strength 27-33, and uniformity 79-82 sold for around 67.75 cents per pound, FOB warehouse (compression charges not paid). A mixed lot containing a light volume of mostly color 32 and better, leaf 3 and better, staple 35 and longer, mike 43-50, strength 24-31, and uniformity 78-82 sold for around 63.75 cents, same terms as above. A light volume of color mostly 31 and 32, leaf 3 and 4, staple 34-36, mike 30-37, strength 25-30, and uniformity 78-81 sold for around 61.00 cents, same terms as above. West Texas A light volume of mostly color 11 and 21, leaf 3 and better, staple mostly 36 and longer, mike 37-49, strength 28-30, and uniformity 80-81 sold for around 71.25 cents per pound, FOB car/truck (compression charges not paid). A mixed lot containing a light volume of mostly color 53 and better, leaf 3 and better, staple 34 and longer, mike 35-49, strength 28-29, and uniformity 78-82 sold for around 62.50 cents, same terms as above. A light volume of color mostly 43 and better, leaf 5 and better, staple 34 and longer, mike 43-52, strength 30-31, and uniformity 81-82 sold for around 60.75 cents, same terms as above. 5
Photos Courtesy of: Jane Byers-Angle
6
Photos Courtesy of: Jane Byers-Angle
7
Western Markets Regional Summary
Maria Townsend Visalia, CA [email protected]
Desert Southwest (DSW) Spot cotton trading was inactive. Supplies and demand were light. Producers delivered 2017-crop cotton to the co-op, merchant marketing pools, or into the CCC loan program. Average local prices were lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Interest was best from India and Peru. Clear, warm weather allowed harvesting and defoliation activities to advance in Arizona. Modules accumulated on gin yards. A couple of central Arizona gins began operations in the period. Harvesting was initiated in New Mexico and El Paso, Texas. Modules were transported to gin yards. No ginning was reported. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Competitive foreign growths such as Australian and Brazilian cotton were attractive to foreign mill buyers. Hazy sunshine continued as wildfires burned in northern California. Air quality alerts were in place
for most of the period. Defoliation and harvesting activities expanded. Ginning was active as more gins began pressing operations. The Visalia Classing Office conducted several tours for local shippers, international mills, and local high school students throughout the week. American Pima (AP) Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were steady. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Shippers offering prices remained firm. According to the Foreign Agricultural Service U.S. Export Sales report, 354,500 bales of 2017-crop AP was committed to export for week ending October 12. This represents nearly 50 percent of the estimated U.S. production. Temperatures were in the 70s to 90s in Arizona, California, New Mexico, and El Paso, Texas. Air quality alerts continued for the San Joaquin Valley of California, due to wildfires. Harvesting and defoliation activities advanced in Arizona and California. Modules accumulated on fields and gin yards. Ginning was active in Arizona and California. Early quality results were typical.
Trading No trading activity was reported. No trading activity was reported. No trading activity was reported.
Desert Southwest San Joaquin Valley American Pima
8
2017 Crop Quality Southeast Quality Summary 2017-Crop Region Southeast
Classing Office Florence Macon Memphis Southeast
Bales 91,752 206,828 15,844 314,424
Color Grade 31 31 31 31
Leaf Grade 3 3 4 3
Trash 0.43 0.37 0.53 0.40
Mike 4.59 4.42 4.18 4.46
Staple 36.13 36.59 37.67 36.51
Strength 30.21 29.85 31.52 30.04
Uniformity 81.67 81.89 82.35 81.85
Number of Gins 42 60 8 110
Uniformity 81.86 82.47 81.57
Number Of Gins 40 69 19
South Central Quality Summary 2017-Crop Region South Central
Classing Office Dumas Memphis Rayville
Bales 225,474 279,498 122,077
Color Grade 31 31 41
Leaf Grade 4 3 4
Trash 0.53 0.42 0.48
Mike 4.42 4.39 4.53
Staple 37.62 37.33 37.01
Strength 31.66 31.22 31.31
South Central
627,049
31
4
0.47
4.43
37.37
31.39
Staple 36.72 36.03 35.25 35.94 36.02
Strength 29.97 29.93 29.05 29.05 29.91
82.08
128
Southwest Quality Summary 2017-Crop Region Southwest
Classing Office Abilene Corpus Christi Lamesa Lubbock Southwest
Bales 7,167 1,466,912 18,936 3,302 1,496,317
Color Grade 31 31 32 42 31
Leaf Grade 3 3 3 3 3
Trash 0.44 0.34 0.40 0.48 0.34
Mike 4.31 4.44 4.19 3.86 4.44
Uniformity 81.09 81.11 79.52 79.96 81.08
Number Of Gins 9 56 12 17 94
Uniformity 81.38 81.38
Number Of Gins 9 9
Far West and American Pima Quality Summary 2017-Crop Region Far West
Classing Office Visalia Far West
Far West - Pima
Visalia
United States
Bales 43,684 43,684
Color Grade 21 21
Leaf Grade 2 2
Trash 0.22 0.22
Mike 4.55 4.55
Staple 36.52 36.52
Strength 31.60 31.60
10,813
2
1
0.23
4.06
47.50
41.97
85.42
9
2,481,474
31
3
0.38
4.44
36.43
30.33
81.44
341
Source: USDA, AMS, Cotton and Tobacco Program
For complete Quality reports click here.
9
Cotton & Wool The following information was excerpted from the Cotton & Wool report, released on October 16, 2017 The latest U.S. Department of Agriculture (USDA) cotton estimates for 2017/18 project global cotton ending stocks to rise 3 percent from the previous season’s 5-year low to 92.4 million bales. With world production expected to exceed consumption, global stocks are forecast to increase 2.8 million bales by season’s end, as higher stocks outside of China in 2017/18 more than offset China’s anticipated decrease. China continues its plan to reduce surplus cotton supplies that peaked in 2014/15 at approximately 67 million bales, an amount that was twice China’s mill use at the time. Sales from the national reserve have successfully reduced the burdensome stocks in China to a more manageable level, and have provided domestic mills with supplies to expand mill use. China’s stocks at the end of 2017/18 (39.5 million bales) are projected to account for about 43 percent of the global total. Meanwhile, stocks outside of China are forecast to expand to a record 53 million bales in 2017/18; India is projected to hold 16 percent of global cotton stocks, while U.S. stocks are forecast to account for 6 percent.
For complete Cotton & Wool report click here.
10
World market prices for upland cotton, in cents per pound, in effect from 12:01 a.m., EDT, Friday through midnight, EDT, Thursday 2016-2017 and 2017-2018 Sept
Sept
Sept 29
Oct
Oct
Oct
15-21
22-28
Oct 5
6-12
13-19
20-26
Adjusted world price 1/
63.27
60.91
60.55
60.04
60.44
59.73
Course count adjustment
0.00
0.00
0.00
0.00
0.00
0.00
Loan Deficiency Payment (LDP)
0.00
0.00
0.00
0.00
0.00
0.00
Fine count adjustment 2016
0.73
0.69
0.47
0.57
0.61
0.58
Fine count adjustment 2017
0.88
0.84
0.62
0.72
0.76
0.73
1/ Color 41, leaf 4, staple 34, mike 35-36 & 43-49, strength readings of 26.0-28.9 grams per tex, length uniformity of 80.0-81.9 percent. Source: Farm Service Agency, USDA. Marketing Years Description
2016-2017
2017-2018
Through October 13, 2016
Through October 12, 2017
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
3,889,000
-
6,210,000
Exports
128,400
1,835,600
86,100
1,592,000
-
5,724,600
New sales
340,600
-
256,300
-
Buy-backs and cancellations
400
-
3,100
-
340,200
-
253,200
-
0
428,000
8,800
772,100
Total export commitments
Net sales Sales next marketing year
7,802,000
Net sales of 253,200 running bales for 2017/2018 were up 64 percent from the previous week and 39 percent from the prior 4-week average. Increases were reported for Vietnam (61,600 RB), Bangladesh (61,500 RB), Turkey (33,900 RB), China (21,300 RB), and Thailand (18,800 RB). For 2018/2019, net sales of 8,800 RB were reported for China. Exports of 86,100 RB--a marketing low--were down 27 percent from the previous week and 36 percent from the prior 4-week average. Exports were reported primarily to Mexico (19,600 RB), Vietnam (17,100 RB), China (14,600 RB), Indonesia (8,000 RB), and South Korea (7,500 RB). Net sales of Pima totaling 17,500 RB for 2017/2018 were down 20 percent from the previous week and 41 percent from the prior 4-week average. Increases were reported for Peru (4,000 RB), India (3,800 RB), Austria (3,300 RB), and Bangladesh (2,800 RB). Exports of 5,700 RB were up 34 percent from the previous week and 10 percent from the prior 4-week average. The primary destinations were Indonesia (2,000 RB), India (1,500 RB), China (1,100 RB), and Bangladesh (700 RB). Optional Origin Sales: The current optional origin outstanding balance of 16,500 RB is for Indonesia. Exports for Own Account: New exports for own account totaling 400 RB were reported to China. Exports to China (2,100 RB) and Vietnam (400 RB) were applied to new or outstanding sales. The current outstanding balance of 68,900 RB is for Indonesia (48,100 RB), Taiwan (13,100 RB), India (3,800 RB), Vietnam (1,400 RB), South Korea (1,100 RB), Bangladesh (500 RB), Pakistan (500 RB), and China (400 RB). Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
October 19, 2017
USDA ANNOUNCES SPECIAL IMPORT QUOTA #26 FOR UPLAND COTTON October 19, 2017 The Department of Agriculture's Commodity Credit Corporation announced a special import quota for upland cotton that permits importation of a quantity of upland cotton equal to one week’s domestic mill use. The quota will be established on October 26, 2017, allowing importation of 12,803,341 kilograms (58,805 bales) of upland cotton. Quota number 26 will be established as of October 26, 2017, and will apply to upland cotton purchased not later than January 23, 2018, and entered into the U.S. not later than April 23, 2018. The quota is equivalent to one week's consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period June 2017 through August 2017, the most recent three months for which data are available. Future quotas, in addition to the quantity announced, will be established if price conditions warrant.
11
Number of Bales in Certificated Stocks Stocks as of 10-19-2017
Awaiting Review
Non-Rain Grown Cotton
357
0
0
Galveston, TX
1,395
0
0
Greenville, SC
57
0
0
Houston, TX
632
0
0
Memphis, TN
554
0
0
2,995
0
0
Delivery Points Dallas/FT. Worth, TX
Total
Spot quotations are in cents per pound for cotton equal to the Official Standards, net weight, in mixed lots, compressed, FOB car/truck. 31-3 67.56 68.81 69.31 70.81
SOUTHEAST 41-4 51-5 66.06 62.56 68.06 63.56 68.56 64.06 70.31 64.31 21-2 63.00 63.50 65.25 66.75 68.00 68.75 69.50 69.50
42-4 63.81 65.31 65.31 65.56
31-3 66.31 68.06 68.56 70.81
EAST TEXAS-OKLAHOMA 31-3 41-4 62.25 60.75 63.00 62.25 65.00 63.25 66.75 66.00 67.50 66.00 67.75 66.50 68.00 66.75 68.00 68.00
NORTH DELTA 41-4 51-5 64.56 60.06 67.31 61.56 67.81 62.56 69.06 62.81 42-4 59.75 60.75 61.50 65.00 65.00 65.25 65.25 65.25
21-2 62.75 63.75 65.75 66.25 68.25 68.50 69.25 69.25
42-4 62.81 63.56 64.31 64.31
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 61.25 59.50 63.00 61.50 64.75 62.25 65.50 65.50 67.00 65.50 67.75 66.25 68.25 66.75 68.50 67.50
42-4 58.50 60.25 61.25 63.25 64.00 65.75 65.75 65.75
SOUTH DELTA 41-4 51-5 64.56 60.06 67.31 61.56 67.81 62.56 69.06 62.81
31-3 66.31 68.06 68.56 70.81
Staple 26-31 32 33 34 35 36 37 38
21-2
67.21 73.46 76.96 78.46 80.71
42-4 62.81 63.56 64.31 64.56
21-2 61.06 63.31 67.56 68.16
SAN JOAQUIN VALLEY 31-3 41-4
65.71 71.96 75.46 76.71 78.46
63.06 65.06 65.86 65.96 65.96
DESERT SOUTHWEST 31-3 41-4 60.31 55.81 62.56 62.06 66.06 62.31 67.41 62.41
51-5 54.06 54.56 56.31 56.56
32-3
62.56 65.06 65.81 66.31 67.31
MIKE DIFFERENCES - POINTS PER POUND
SOUTHEAST
-425 -350 -300 -250 -200 -25 0 0 25 50 50
NORTH DELTA
SOUTH DELTA
-300 -250 -200 -175 -150 -25 0 0 25 50 50
-275 -225 -200 -175 -150 -25 0 0 25 50 50
SOUTH-
NORTH
SOUTH
E. TX
EAST
DELTA
DELTA
-825 -425 -275 -150 0 0 0 -200 -375
-1000 -650 -325 -125 0 25 0 -225 -375
-1100 -750 -325 -125 0 25 0 -225 -375
OK -1100 -1000 -750 -500 -350 0 0 0 -225 -400
STRENGTH DIFFERENCES E. TX Grams WEST OK per tex TEXAS -250 19.0 - 19.9 -250 -250 20.0 - 20.9 -250 -225 21.0 - 21.9 -225 -200 22.0 - 22.9 -200 -175 23.0 - 23.9 -175 -175 24.0 - 24.9 -175 -150 25.0 - 25.9 -150 -100 26.0 - 26.9 -100 0 Base 27.0 - 28.9 0 0 29.0 - 29.9 0 25 30.0 - 30.9 25 25 31.0 - 32.9 25 25 33.0 & above 25
Mike Ranges 24 & Below 25-26 27-29 30-32 33-34 Base 35-36 37-42 Base 43-49 50-52 53 & Above
DESERT SW
SJ VALLEY
-600 -450 -300 -225 -200 -125 0 0 25 50 100
-500 -400 -300 0 0 75 125 250
AVG. -250 -250 -342 -279 -225 -239 -200 -100 0 0 32 54 79
SOUTHEAST -125 -110 -100 -25 0 0 20 30 40 50
NORTH DELTA -90 -80 -70 0 0 0 30 40 50 60
WEST
DESERT
SJ
TEXAS -1100 -1000 -750 -500 -350 0 0 0 -225 -400
SW -1200 -1000 -900 -500 -300 0 25 0 -300 -550
VALLEY
SOUTH DELTA -90 -80 -70 0 0 0 30 40 50 60
UNIFORMITY DIFFERENCES E. TX Unit WEST OK TEXAS -90 77 & below -90 -75 78 -75 -60 79 -60 0 80 0 0 Base 81 0 0 82 0 10 83 0 10 84 10 20 85 20 30 86 & above 30
-1600 -1000 -500 0 25 0 -500
AVG. -1133 -988 -832 -489 -271 0 14 0 -271 -413 DESERT SW -100 -90 -80 0 0 0 30 40 50 60
SJ VALLEY -60 -50 -40 0 0 50 80 90 100 110
AVG. -92 -80 -69 -4 0 7 29 37 47 57
October 19, 2017
12
American Pima quotations are for cotton equal to the Official Standards, net weight, in mixed lots, UD Free, FOB warehouse. 1/
AMERICAN PIMA SPOT QUOTATIONS Color 1
Leaf
Staple 44
46
48
1
122.50
130.50
131.75
2
122.25
130.25
131.50
3
114.50
121.50
121.75
1
122.25
130.25
131.50
2
122.00
130.00
131.25
3
114.25
121.25
121.50
4
104.25
111.75
112.00
4
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on October 11, 2017.
5 6 2
5 6 3
Mike Range
Diff.
26 & Below
-1900
27-29
-1400
30-32
-900
1
112.00
119.00
119.25
2
109.50
116.50
116.75
33-34
-400
3
108.25
115.25
115.50
35 & Above
0
4
99.25
106.25
106.50
5
83.25
89.75
90.00 Strength
6 4
1
93.00
100.00
101.00
2
92.75
99.75
100.25
Range
Diff.
3
92.50
99.50
99.50
35.4 & Below
-1350
4
87.50
94.50
94.50
35.5-36.4
-1100
5
76.25
83.25
83.25
36.5-37.4
-850
37.5 & Above
0
6 5
6
(Grams per Tex)
1 2
72.00
81.25
81.25
3
72.00
80.75
81.25
4
72.00
75.25
75.25
5
71.75
75.00
75.00
Extraneous Matter
6
Level
1
Prep
2
64.25
66.50
66.50
3
64.25
66.50
66.50
1 2
4
64.25
66.50
66.50
Other
5
64.00
66.25
66.25
1 2
Diff. -810 -1095 -715
6 63.50 65.75 65.75 -1035 1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
October 19, 2017
13
Weekly Cotton Market Review
Cotton and Tobacco Program Cotton Market News Division 3275 Appling Road Memphis, TN 38133 901.384.3016
Vol. 99 No. 12 October 20, 2017 Inside this Issue Market Overview Price Support Spot Quotations ICE Futures A Index
Average quotations were 108 points lower than the previous week, according to the USDA, Agricultural Marketing Service’s Cotton and Tobacco Program. Quotations for the base quality of cotton (color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength 27.0-28.9, uniformity 81.0-81.9) in the seven designated markets averaged 65.96 cents per pound for the week ending Thursday, October 19, 2017. The weekly average was down from 67.04 last week, and 69.47 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 66.69 cents Friday, October 13 to a low of 65.61 cents Thursday, October 19. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended October 19 totaled 5,235 bales. This compares to 6,513 bales reported last week and 18,347 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 55,675 bales compared to 62,548 bales the corresponding week a year ago. The ICE December settlement prices ended the week at 67.31 cents, compared to 67.84 cents last week. Average Prices 41-4-34
Southeastern
Date
SE
ND
SD
ET-OK
WT
DSW
SJV
7-MKT AVG
13-Oct 16-Oct 17-Oct
69.37 68.28 68.52
68.62 67.53 67.77
68.62 67.53 67.77
66.50 65.75 66.00
66.00 65.25 65.50
63.37 62.28 62.52
64.37 63.28 63.52
66.69 65.70 65.94
18-Oct 19-Oct
68.38 68.06
67.63 67.31
67.63 67.31
66.00 66.00
65.50 65.50
62.38 62.06
63.38 63.06
65.84 65.61
Date
SE
ND
SD
ET-OK
WT
DSW
SJV
7-MKT AVG
0-Jan
13-Oct
70.62
69.87
69.87
68.00
67.50
67.37
73.27
69.50
0-Jan
16-Oct
69.53
68.78
68.78
67.25
66.75
66.28
72.18
68.51
0-Jan
17-Oct
69.77
69.02
69.02
67.50
67.00
66.52
72.42
68.75
0-Jan 0-Jan
18-Oct 19-Oct
69.63 69.31
68.88 68.56
68.88 68.56
67.50 67.50
67.00 67.00
66.38 66.06
72.28 71.96
68.65 68.42
Textile Mill Report South Central Southwestern Western Cotton & Wool Pima Quotations
Average Prices 31-3-35
Date
Oct-17
Dec-17
Mar-18
May-18
Jul-18
Oct-18
Far Eastern A Index 1/ Current
13-Oct 16-Oct 17-Oct 18-Oct 19-Oct
68.62 67.53 67.77 67.63 67.31
68.16 67.32 67.48 67.33 67.01
68.97 68.16 68.32 68.28 68.02
69.59 68.77 68.90 68.95 68.74
68.20 67.46 67.66 67.75 67.60
68.52 67.81 68.06 68.15 67.98
77.70 78.50 77.70 77.85 77.85
Date 13-Oct 16-Oct 17-Oct 18-Oct 19-Oct
SE 0 0 0 0 0
ND 0 0 0 0 0
SD 0 0 0 0 0
ET-OK 305 1,517 1,300 508 739
WT 0 0 0 690 176
DSW 0 0 0 0 0
SJV 0 0 0 0 0
PIMA 0 0 0 0 0
Upland 305 1,517 1,300 1,198 915
Wkly Tot.
0
0
0
4,369
866
0
0
0
5,235
Futures Settlement
Cotton Market Reports
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Spot Transactions
Totals
Sources: USDA, AMS, Cotton and Tobacco Program, 1/ Cotlook
Southeastern Markets Regional Summary
Danny Pino Macon, GA [email protected]
Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was moderate. Average local spot prices were lower. Trading of CCC-loan equities was inactive. Harvest activity progressed at a rapid pace across the entire Southeast as mostly ideal weather conditions prevailed. Light, scattered rainfall was received in localized areas over the weekend, but soils were firm enough to support equipment during the week and fieldwork continued. Daytime high temperatures were in the lower 70s to mid-80s across Alabama, the Florida panhandle, and Georgia, with slightly cooler temperatures observed across the upper Southeast. In the lower Southeast, producers were attempting to get as much cotton off of the stalk as possible ahead of wet weather. Modules were accumulating on gin yards and ginning expanded. Producers were also busy mowing stalks in harvested fields. In Florida, increased feeding damage to root systems from nematodes has been observed and local experts encouraged producers to consider rotation and planting options next season. In the Carolinas, harvesting has been delayed in some fields due to recent wet weather. In addition, some fields will
require a second defoliation application due to regrowth. In South Carolina, lint quality was negatively affected in some fields due to recent wet weather and sunshine was welcomed during the week to help bleach discolored lint. According to the National Agricultural Statistics Service’s Crop Progress report released October 16, cotton harvested reached 33 percent in Alabama, 29 in South Carolina, 27 in Georgia, 20 in North Carolina, and 19 percent harvested in Virginia. Textile Mill Domestic mill buyers inquired for a moderate volume of color 51 and better, leaf 5 and better, and staple 34 and longer for January through October shipment. No sales were reported. Reports indicated most mills have covered their raw cotton needs through first quarter 2018. Yarn demand was moderate-to-good; denim demand remained lackluster. Most mills operated five to seven days. Demand through export channels was moderate. Agents for mills throughout the Far East inquired for any discounted styles of cotton.
Trading No trading activity was reported.
2
Photo Courtesy of: Danny Pino
3
South Central Markets Regional Summary
Jeff Carnahan Memphis, TN [email protected]
North Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was moderate. Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Cool, mostly clear weather prevailed during the period. Only trace amounts of rain were reported. Daytime temperatures were in the 70s and 80s. Overnight lows were mostly in the 50s, but another cold front brought lows in the 40s late week. Harvesting activities advanced steadily. Some fields remained to be defoliated as producers continued their careful monitoring of temperatures in order to properly time the application of defoliants to ensure complete effectiveness. Ginning was in full swing in the Memphis territory and most gins had large backlogs of modules on their yards. Producers were shredding stalks and preparing fields for the spring planting season. The Memphis Classing Office added a third shift to keep pace with sample receipts. According to the National Agricultural Statistics Service’s Crop Progress report released October 16, harvesting in Arkansas was 52 percent completed, 42 in Missouri, and 39 percent in Tennessee.
South Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was moderate. Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Sunny to partly cloudy skies characterized the weather pattern during the week. Daytime temperatures were in the 70s and 80s. Overnight lows dropped into the 40s and 50s. Harvesting activities were in full swing throughout the region. Most cotton acreage had been defoliated. Producers reported widely varying yields of 500 to 1,400 pounds. Ginning was well underway as the number of modules on gin yards increased. Several gins in Louisiana were only running one shift, due to a lack of available skilled workers. Producers shredded stalks and prepared fields for next season. According to the National Agricultural Statistics Service’s Crop Progress report released October 16, the crop had been 76 percent harvested in Louisiana, compared to 46 percent in Mississippi.
Trading No trading activity was reported. No trading activity was reported.
North Delta South Delta
4
Southwestern Markets Regional Summary
Jane Byers-Angle Lubbock, TX [email protected]
East Texas Spot cotton trading was active. Supplies and producer offerings were moderate. Demand was very good. Average local spot prices were lower. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were moderate to heavy. Interest was best from China, Pakistan, and Turkey. Harvesting was completed in the Upper Coastal Bend. Modules were transported to gin yards. Ginning continued uninterrupted. Harvesting and ginning continued in central and eastern Texas. Harvesting was estimated at 65 to 85 percent done. Corn and cotton are being harvested; some will complete harvesting corn and then move to cotton. Producers were encouraged with yields that were reported at 750 to 1,000 pounds per acre. Some gins reported difficulties with transporting bales off the yard, citing a lack of available trucks. Gin managers were making decisions on how to manage cottonseed piles, since the seed storage bins were filled to capacity. According to the National Agricultural Statistics Service’s (NASS) Crop Progress report released on October 16, Kansas bolls opening had reached 72 percent, down 3 points from average, and harvesting had reached 7 percent, up 2 points from
average. Defoliants and boll openers were applied to some fields. In Oklahoma, bolls opening had reached 91 percent, up 3 points from average, and harvesting had reached 11 percent, up 2 points from average, according to NASS. Harvesting expanded and modules had begun to accrue on gin yards. Some gins started a night shift to keep pace with module increases. West Texas Spot cotton trading was slow. Supplies and producer offerings were light. Demand was good. Average local spot prices were lower. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were moderate to heavy. Interest was best from China, Pakistan, and Turkey. Picker and stripper harvesting expanded with daytime temperatures in the upper 70s to upper 80s. More gins initiated ginning services and modules had begun to accumulate on gin yards. Some gins began night shifts to keep pace with the influx of modules. Boll openers and defoliants were applied to fields by plane and spray rigs. Field days and meetings were held around the region.
Trading East Texas A light volume of mostly color 21 and 31, leaf 2 and 3, staple mostly 36 and longer, mike 41-49, strength 27-33, and uniformity 79-82 sold for around 67.75 cents per pound, FOB warehouse (compression charges not paid). A mixed lot containing a light volume of mostly color 32 and better, leaf 3 and better, staple 35 and longer, mike 43-50, strength 24-31, and uniformity 78-82 sold for around 63.75 cents, same terms as above. A light volume of color mostly 31 and 32, leaf 3 and 4, staple 34-36, mike 30-37, strength 25-30, and uniformity 78-81 sold for around 61.00 cents, same terms as above. West Texas A light volume of mostly color 11 and 21, leaf 3 and better, staple mostly 36 and longer, mike 37-49, strength 28-30, and uniformity 80-81 sold for around 71.25 cents per pound, FOB car/truck (compression charges not paid). A mixed lot containing a light volume of mostly color 53 and better, leaf 3 and better, staple 34 and longer, mike 35-49, strength 28-29, and uniformity 78-82 sold for around 62.50 cents, same terms as above. A light volume of color mostly 43 and better, leaf 5 and better, staple 34 and longer, mike 43-52, strength 30-31, and uniformity 81-82 sold for around 60.75 cents, same terms as above. 5
Photos Courtesy of: Jane Byers-Angle
6
Photos Courtesy of: Jane Byers-Angle
7
Western Markets Regional Summary
Maria Townsend Visalia, CA [email protected]
Desert Southwest (DSW) Spot cotton trading was inactive. Supplies and demand were light. Producers delivered 2017-crop cotton to the co-op, merchant marketing pools, or into the CCC loan program. Average local prices were lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Interest was best from India and Peru. Clear, warm weather allowed harvesting and defoliation activities to advance in Arizona. Modules accumulated on gin yards. A couple of central Arizona gins began operations in the period. Harvesting was initiated in New Mexico and El Paso, Texas. Modules were transported to gin yards. No ginning was reported. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Competitive foreign growths such as Australian and Brazilian cotton were attractive to foreign mill buyers. Hazy sunshine continued as wildfires burned in northern California. Air quality alerts were in place
for most of the period. Defoliation and harvesting activities expanded. Ginning was active as more gins began pressing operations. The Visalia Classing Office conducted several tours for local shippers, international mills, and local high school students throughout the week. American Pima (AP) Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were steady. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Shippers offering prices remained firm. According to the Foreign Agricultural Service U.S. Export Sales report, 354,500 bales of 2017-crop AP was committed to export for week ending October 12. This represents nearly 50 percent of the estimated U.S. production. Temperatures were in the 70s to 90s in Arizona, California, New Mexico, and El Paso, Texas. Air quality alerts continued for the San Joaquin Valley of California, due to wildfires. Harvesting and defoliation activities advanced in Arizona and California. Modules accumulated on fields and gin yards. Ginning was active in Arizona and California. Early quality results were typical.
Trading No trading activity was reported. No trading activity was reported. No trading activity was reported.
Desert Southwest San Joaquin Valley American Pima
8
2017 Crop Quality Southeast Quality Summary 2017-Crop Region Southeast
Classing Office Florence Macon Memphis Southeast
Bales 91,752 206,828 15,844 314,424
Color Grade 31 31 31 31
Leaf Grade 3 3 4 3
Trash 0.43 0.37 0.53 0.40
Mike 4.59 4.42 4.18 4.46
Staple 36.13 36.59 37.67 36.51
Strength 30.21 29.85 31.52 30.04
Uniformity 81.67 81.89 82.35 81.85
Number of Gins 42 60 8 110
Uniformity 81.86 82.47 81.57
Number Of Gins 40 69 19
South Central Quality Summary 2017-Crop Region South Central
Classing Office Dumas Memphis Rayville
Bales 225,474 279,498 122,077
Color Grade 31 31 41
Leaf Grade 4 3 4
Trash 0.53 0.42 0.48
Mike 4.42 4.39 4.53
Staple 37.62 37.33 37.01
Strength 31.66 31.22 31.31
South Central
627,049
31
4
0.47
4.43
37.37
31.39
Staple 36.72 36.03 35.25 35.94 36.02
Strength 29.97 29.93 29.05 29.05 29.91
82.08
128
Southwest Quality Summary 2017-Crop Region Southwest
Classing Office Abilene Corpus Christi Lamesa Lubbock Southwest
Bales 7,167 1,466,912 18,936 3,302 1,496,317
Color Grade 31 31 32 42 31
Leaf Grade 3 3 3 3 3
Trash 0.44 0.34 0.40 0.48 0.34
Mike 4.31 4.44 4.19 3.86 4.44
Uniformity 81.09 81.11 79.52 79.96 81.08
Number Of Gins 9 56 12 17 94
Uniformity 81.38 81.38
Number Of Gins 9 9
Far West and American Pima Quality Summary 2017-Crop Region Far West
Classing Office Visalia Far West
Far West - Pima
Visalia
United States
Bales 43,684 43,684
Color Grade 21 21
Leaf Grade 2 2
Trash 0.22 0.22
Mike 4.55 4.55
Staple 36.52 36.52
Strength 31.60 31.60
10,813
2
1
0.23
4.06
47.50
41.97
85.42
9
2,481,474
31
3
0.38
4.44
36.43
30.33
81.44
341
Source: USDA, AMS, Cotton and Tobacco Program
For complete Quality reports click here.
9
Cotton & Wool The following information was excerpted from the Cotton & Wool report, released on October 16, 2017 The latest U.S. Department of Agriculture (USDA) cotton estimates for 2017/18 project global cotton ending stocks to rise 3 percent from the previous season’s 5-year low to 92.4 million bales. With world production expected to exceed consumption, global stocks are forecast to increase 2.8 million bales by season’s end, as higher stocks outside of China in 2017/18 more than offset China’s anticipated decrease. China continues its plan to reduce surplus cotton supplies that peaked in 2014/15 at approximately 67 million bales, an amount that was twice China’s mill use at the time. Sales from the national reserve have successfully reduced the burdensome stocks in China to a more manageable level, and have provided domestic mills with supplies to expand mill use. China’s stocks at the end of 2017/18 (39.5 million bales) are projected to account for about 43 percent of the global total. Meanwhile, stocks outside of China are forecast to expand to a record 53 million bales in 2017/18; India is projected to hold 16 percent of global cotton stocks, while U.S. stocks are forecast to account for 6 percent.
For complete Cotton & Wool report click here.
10
World market prices for upland cotton, in cents per pound, in effect from 12:01 a.m., EDT, Friday through midnight, EDT, Thursday 2016-2017 and 2017-2018 Sept
Sept
Sept 29
Oct
Oct
Oct
15-21
22-28
Oct 5
6-12
13-19
20-26
Adjusted world price 1/
63.27
60.91
60.55
60.04
60.44
59.73
Course count adjustment
0.00
0.00
0.00
0.00
0.00
0.00
Loan Deficiency Payment (LDP)
0.00
0.00
0.00
0.00
0.00
0.00
Fine count adjustment 2016
0.73
0.69
0.47
0.57
0.61
0.58
Fine count adjustment 2017
0.88
0.84
0.62
0.72
0.76
0.73
1/ Color 41, leaf 4, staple 34, mike 35-36 & 43-49, strength readings of 26.0-28.9 grams per tex, length uniformity of 80.0-81.9 percent. Source: Farm Service Agency, USDA. Marketing Years Description
2016-2017
2017-2018
Through October 13, 2016
Through October 12, 2017
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
3,889,000
-
6,210,000
Exports
128,400
1,835,600
86,100
1,592,000
-
5,724,600
New sales
340,600
-
256,300
-
Buy-backs and cancellations
400
-
3,100
-
340,200
-
253,200
-
0
428,000
8,800
772,100
Total export commitments
Net sales Sales next marketing year
7,802,000
Net sales of 253,200 running bales for 2017/2018 were up 64 percent from the previous week and 39 percent from the prior 4-week average. Increases were reported for Vietnam (61,600 RB), Bangladesh (61,500 RB), Turkey (33,900 RB), China (21,300 RB), and Thailand (18,800 RB). For 2018/2019, net sales of 8,800 RB were reported for China. Exports of 86,100 RB--a marketing low--were down 27 percent from the previous week and 36 percent from the prior 4-week average. Exports were reported primarily to Mexico (19,600 RB), Vietnam (17,100 RB), China (14,600 RB), Indonesia (8,000 RB), and South Korea (7,500 RB). Net sales of Pima totaling 17,500 RB for 2017/2018 were down 20 percent from the previous week and 41 percent from the prior 4-week average. Increases were reported for Peru (4,000 RB), India (3,800 RB), Austria (3,300 RB), and Bangladesh (2,800 RB). Exports of 5,700 RB were up 34 percent from the previous week and 10 percent from the prior 4-week average. The primary destinations were Indonesia (2,000 RB), India (1,500 RB), China (1,100 RB), and Bangladesh (700 RB). Optional Origin Sales: The current optional origin outstanding balance of 16,500 RB is for Indonesia. Exports for Own Account: New exports for own account totaling 400 RB were reported to China. Exports to China (2,100 RB) and Vietnam (400 RB) were applied to new or outstanding sales. The current outstanding balance of 68,900 RB is for Indonesia (48,100 RB), Taiwan (13,100 RB), India (3,800 RB), Vietnam (1,400 RB), South Korea (1,100 RB), Bangladesh (500 RB), Pakistan (500 RB), and China (400 RB). Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
October 19, 2017
USDA ANNOUNCES SPECIAL IMPORT QUOTA #26 FOR UPLAND COTTON October 19, 2017 The Department of Agriculture's Commodity Credit Corporation announced a special import quota for upland cotton that permits importation of a quantity of upland cotton equal to one week’s domestic mill use. The quota will be established on October 26, 2017, allowing importation of 12,803,341 kilograms (58,805 bales) of upland cotton. Quota number 26 will be established as of October 26, 2017, and will apply to upland cotton purchased not later than January 23, 2018, and entered into the U.S. not later than April 23, 2018. The quota is equivalent to one week's consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period June 2017 through August 2017, the most recent three months for which data are available. Future quotas, in addition to the quantity announced, will be established if price conditions warrant.
11
Number of Bales in Certificated Stocks Stocks as of 10-19-2017
Awaiting Review
Non-Rain Grown Cotton
357
0
0
Galveston, TX
1,395
0
0
Greenville, SC
57
0
0
Houston, TX
632
0
0
Memphis, TN
554
0
0
2,995
0
0
Delivery Points Dallas/FT. Worth, TX
Total
Spot quotations are in cents per pound for cotton equal to the Official Standards, net weight, in mixed lots, compressed, FOB car/truck. 31-3 67.56 68.81 69.31 70.81
SOUTHEAST 41-4 51-5 66.06 62.56 68.06 63.56 68.56 64.06 70.31 64.31 21-2 63.00 63.50 65.25 66.75 68.00 68.75 69.50 69.50
42-4 63.81 65.31 65.31 65.56
31-3 66.31 68.06 68.56 70.81
EAST TEXAS-OKLAHOMA 31-3 41-4 62.25 60.75 63.00 62.25 65.00 63.25 66.75 66.00 67.50 66.00 67.75 66.50 68.00 66.75 68.00 68.00
NORTH DELTA 41-4 51-5 64.56 60.06 67.31 61.56 67.81 62.56 69.06 62.81 42-4 59.75 60.75 61.50 65.00 65.00 65.25 65.25 65.25
21-2 62.75 63.75 65.75 66.25 68.25 68.50 69.25 69.25
42-4 62.81 63.56 64.31 64.31
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 61.25 59.50 63.00 61.50 64.75 62.25 65.50 65.50 67.00 65.50 67.75 66.25 68.25 66.75 68.50 67.50
42-4 58.50 60.25 61.25 63.25 64.00 65.75 65.75 65.75
SOUTH DELTA 41-4 51-5 64.56 60.06 67.31 61.56 67.81 62.56 69.06 62.81
31-3 66.31 68.06 68.56 70.81
Staple 26-31 32 33 34 35 36 37 38
21-2
67.21 73.46 76.96 78.46 80.71
42-4 62.81 63.56 64.31 64.56
21-2 61.06 63.31 67.56 68.16
SAN JOAQUIN VALLEY 31-3 41-4
65.71 71.96 75.46 76.71 78.46
63.06 65.06 65.86 65.96 65.96
DESERT SOUTHWEST 31-3 41-4 60.31 55.81 62.56 62.06 66.06 62.31 67.41 62.41
51-5 54.06 54.56 56.31 56.56
32-3
62.56 65.06 65.81 66.31 67.31
MIKE DIFFERENCES - POINTS PER POUND
SOUTHEAST
-425 -350 -300 -250 -200 -25 0 0 25 50 50
NORTH DELTA
SOUTH DELTA
-300 -250 -200 -175 -150 -25 0 0 25 50 50
-275 -225 -200 -175 -150 -25 0 0 25 50 50
SOUTH-
NORTH
SOUTH
E. TX
EAST
DELTA
DELTA
-825 -425 -275 -150 0 0 0 -200 -375
-1000 -650 -325 -125 0 25 0 -225 -375
-1100 -750 -325 -125 0 25 0 -225 -375
OK -1100 -1000 -750 -500 -350 0 0 0 -225 -400
STRENGTH DIFFERENCES E. TX Grams WEST OK per tex TEXAS -250 19.0 - 19.9 -250 -250 20.0 - 20.9 -250 -225 21.0 - 21.9 -225 -200 22.0 - 22.9 -200 -175 23.0 - 23.9 -175 -175 24.0 - 24.9 -175 -150 25.0 - 25.9 -150 -100 26.0 - 26.9 -100 0 Base 27.0 - 28.9 0 0 29.0 - 29.9 0 25 30.0 - 30.9 25 25 31.0 - 32.9 25 25 33.0 & above 25
Mike Ranges 24 & Below 25-26 27-29 30-32 33-34 Base 35-36 37-42 Base 43-49 50-52 53 & Above
DESERT SW
SJ VALLEY
-600 -450 -300 -225 -200 -125 0 0 25 50 100
-500 -400 -300 0 0 75 125 250
AVG. -250 -250 -342 -279 -225 -239 -200 -100 0 0 32 54 79
SOUTHEAST -125 -110 -100 -25 0 0 20 30 40 50
NORTH DELTA -90 -80 -70 0 0 0 30 40 50 60
WEST
DESERT
SJ
TEXAS -1100 -1000 -750 -500 -350 0 0 0 -225 -400
SW -1200 -1000 -900 -500 -300 0 25 0 -300 -550
VALLEY
SOUTH DELTA -90 -80 -70 0 0 0 30 40 50 60
UNIFORMITY DIFFERENCES E. TX Unit WEST OK TEXAS -90 77 & below -90 -75 78 -75 -60 79 -60 0 80 0 0 Base 81 0 0 82 0 10 83 0 10 84 10 20 85 20 30 86 & above 30
-1600 -1000 -500 0 25 0 -500
AVG. -1133 -988 -832 -489 -271 0 14 0 -271 -413 DESERT SW -100 -90 -80 0 0 0 30 40 50 60
SJ VALLEY -60 -50 -40 0 0 50 80 90 100 110
AVG. -92 -80 -69 -4 0 7 29 37 47 57
October 19, 2017
12
American Pima quotations are for cotton equal to the Official Standards, net weight, in mixed lots, UD Free, FOB warehouse. 1/
AMERICAN PIMA SPOT QUOTATIONS Color 1
Leaf
Staple 44
46
48
1
122.50
130.50
131.75
2
122.25
130.25
131.50
3
114.50
121.50
121.75
1
122.25
130.25
131.50
2
122.00
130.00
131.25
3
114.25
121.25
121.50
4
104.25
111.75
112.00
4
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on October 11, 2017.
5 6 2
5 6 3
Mike Range
Diff.
26 & Below
-1900
27-29
-1400
30-32
-900
1
112.00
119.00
119.25
2
109.50
116.50
116.75
33-34
-400
3
108.25
115.25
115.50
35 & Above
0
4
99.25
106.25
106.50
5
83.25
89.75
90.00 Strength
6 4
1
93.00
100.00
101.00
2
92.75
99.75
100.25
Range
Diff.
3
92.50
99.50
99.50
35.4 & Below
-1350
4
87.50
94.50
94.50
35.5-36.4
-1100
5
76.25
83.25
83.25
36.5-37.4
-850
37.5 & Above
0
6 5
6
(Grams per Tex)
1 2
72.00
81.25
81.25
3
72.00
80.75
81.25
4
72.00
75.25
75.25
5
71.75
75.00
75.00
Extraneous Matter
6
Level
1
Prep
2
64.25
66.50
66.50
3
64.25
66.50
66.50
1 2
4
64.25
66.50
66.50
Other
5
64.00
66.25
66.25
1 2
Diff. -810 -1095 -715
6 63.50 65.75 65.75 -1035 1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
October 19, 2017
13
