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. 13 October 27, 2017 Inside this Issue Market Overview Price Support Spot Quotations
ICE Futures
Average quotations were 95 points higher 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 66.91 cents per pound for the week ending Thursday, October 26, 2017. The weekly average was up from 65.96 last week, but down from 68.08 cents reported the corresponding period a year ago. Daily average quotations ranged from a low of 65.24 cents Friday, October 20 to a high of 67.84 cents Monday, October 23. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended October 26 totaled 23,247 bales. This compares to 5,235 bales reported last week and 16,397 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 78,922 bales compared to 78,945 bales the corresponding week a year ago. The ICE December settlement prices ended the week at 68.19 cents, compared to 67.31 cents last week.
A Index Southeastern Textile Mill Report South Central Southwestern Western Ginnings Pima Quotations
Cotton Market Reports
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Subscribe to all Cotton Market reports Sources: USDA, AMS, Cotton and Tobacco Program, 1/ Cotlook
Southeastern Markets Regional Summary
Danny Pino Macon, GA [email protected]
Spot cotton trading was moderate. Supplies were moderate. Demand was moderate. Producer offerings were light. Average local spot prices were higher. Trading of CCC-loan equities was inactive. Producers took advantage of higher ICE futures to book a moderate volume of 2017-crop cotton during the period. Harvesting advanced across the region as producers attempted to complete picking ahead of wet weather, which interrupted fieldwork early in the week. Widespread shower activity brought around one-half of an inch to two inches of locally heavy precipitation to areas from the lower southeast to the eastern Carolinas. Damaging wind and heavy rainfall downed trees and caused flash flooding in some areas of the Carolinas. Sunny and seasonably cool weather dominated the weather pattern later in the week and helped soft soils to firm. Sunshine helped to dry out and bleach any damp and discolored lint in bolls. Defoliation and harvesting resumed in fields where soils were firm enough to support equipment. Modules continued to accumulate on gin yards and gins expanded operating schedules as they processed backlogs of modules. According to the National
Agricultural Statistics Service’s (NASS) Crop Progress report released October 23, harvesting was 45 percent completed in Alabama, 43 in Virginia, 42 in South Carolina, 37 in Georgia, and 31 percent completed in North Carolina. Cotton bolls opening had finished in Virginia and rapidly neared completion across the rest of the Southeast region, according to NASS. 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 2018 delivery. No sales were reported. Mill buyers were inquiring with domestic cotton shippers for deliveries of previously purchased 2017-crop cotton. Most mills operated five to seven days. Demand through export channels was moderate. Indonesian mill buyers purchased a moderate volume of USDA Green Card Class, color 31, leaf 3, and staple 36 for nearby shipment. Agents for mills in Pakistan and Turkey purchased a moderate volume of USDA Green Card Class, color 41, leaf 4, and staple 36 and 37 for nearby shipment.
Trading Even-running lots containing color 21 and 31, leaf 1-3, staple 35, mike 43-49, strength 27-30, and uniformity 80-82 sold for around 275 points on ICE December futures, FOB car/truck (Rule 5, compression charges paid). A light volume of color mostly 31, leaf 3 and 4, staple 37 and 38, mike 40-42, strength 30-33, and uniformity 82-84 sold for around 72.25 cents per pound, FOB car/truck, Georgia terms (Rule 5, compression charges paid, 30 days free storage). A moderate volume of color 21 and 31, leaf 2 and 3, staple 33 and longer, mike 43-52, strength 28-31, and uniformity 80-83 sold for around 325 points on ICE December futures, same terms as above. A moderate volume of color 31 and 41, leaf 3 and 4, staple 34 and 35, mike 43-49, strength 28-31, and uniformity 80-82 sold for around 250 points on ICE December futures, same terms as above.
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South Central Markets Regional Summary
Jeff Carnahan Memphis, TN [email protected]
North Delta Spot cotton trading was moderate. Supplies of available cotton were light. Demand was moderate. Average local spot prices were higher. Trading of CCC-loan equities was moderate. No forward contracting was reported. Cold, overcast weather with intermittent shower activity prevailed during the period. Daytime temperatures were in the 70s. Overnight lows were in the 40s. Although less than 1 inch of rain was reported, damp conditions delayed outdoor activities through mid-week. Ginning continued without interruption since most gins had large backlogs of modules on their yards. Producers were shredding stalks and preparing fields for the spring planting season late week. According to the National Agricultural Statistics Service’s Crop Progress report released October 23, harvesting in Arkansas was 71 percent completed, 63 in Missouri, and 56 percent in Tennessee.
cotton were light. Demand was moderate. Average local spot prices were higher. Trading of CCC-loan equities was slow. No forward contracting was reported. A cold front moved through the region during the period. Cloudy to partly cloudy skies accompanied by intermittent rain showers brought less than 1 inch of rain to most areas. Daytime temperatures dropped from the 80s into the 60s. Overnight lows dropped into the low 40s. Harvesting activities were briefly delayed throughout the region. Most cotton acreage had been defoliated. Producers reported average yields of around 1,100 pounds, somewhat less than anticipated. Ginning progressed slowly, but steadily. Producers were able to shred stalks and prepare fields for next season once muddy fields dried sufficiently to support equipment. According to the National Agricultural Statistics Service’s Crop Progress report released October 23, harvesting was 83 percent completed in Louisiana, compared to 59 percent in Mississippi.
South Delta Spot cotton trading was slow. Supplies of available
Trading North Delta A moderate volume of color mostly 41, leaf 3-5, staple 35 and longer, mike 43-52, strength 28-30, and uniformity 80-82 sold for 67.00 to 67.25 cents per pound, FOB car/truck (Rule 5, compression charges paid). A moderate volume of CCC-loan equities sold for 13.00 cents. South Delta A light volume of color 41 and better, leaf 5 and better, staple 36 and longer, mike 33-49, strength 29-33, and uniformity 80-83 traded at around 69.00 cents per pound, FOB car/truck (Rule 5, compression charges paid). A light volume of CCC-loan equities sold for 12.00 to 14.00 cents.
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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 higher. 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 and modules were transported to gin yards as space became available. Ginning continued. Industry meetings were held in the Rio Grande Valley. In the northern Blackland Prairies, harvesting was drawing to completion. Ginning continued uninterrupted, except for some power outages that were resolved. Canadian air moved into the region late in the reporting period and brought cooler temperatures and gusty winds. In Kansas and Oklahoma, intermittent showers brought light amount of moisture to some areas. Harvest aids were applied and harvesting expanded. Modules were transported to gin yards. Gins had begun to open and offer bale pressing services. Producers were encouraged with dryland yielding more than 3 bales per acre in southwestern Oklahoma. Kansas gins submitted samples to the Abilene Classing Office for grading services.
Average local spot prices were higher. 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 expanded and made good progress with daytime temperature highs in the mid-60s to upper 70s. Overnight lows were mostly in the mid-30s to upper 40s. Some areas experienced freezing temperatures, generally northwest of Lubbock. Windy conditions mid-week interfered briefly with outside activities. Intermittent showers brought light rains to isolated areas of the Northern High Plains. Reports from industry experts across the region indicated that the crop needs more time to mature, but with colder weather on the horizon, that window has closed. Some anticipate a large crop with mixed qualities. Warehouse personnel and other industry leaders are creating a strategy for storing an excessive amount of ginned bales from the large crop that is projected. Some gins reported a shortage of available employees because crews were still working in south Texas gins processing a larger-than-normal crop. The Lubbock Classing Office added a night shift to keep pace with incoming sample receipts. Sample hauling routes were underway for the Abilene, Lamesa, and Lubbock Classing Offices.
West Texas Spot cotton trading was slow. Supplies and producer offerings were moderate. Demand was good. Trading
East Texas A moderate volume of mostly color 11 and 21, leaf 3 and better, staple 36 and longer, mike 37-47, strength 27-31, and uniformity 78-82 sold for around 67.75 cents per pound, FOB warehouse (compression charges not paid). A light volume of color 31, leaf 3 and 4, staple 35 and 36, mike 47-51, strength 33-36, and uniformity 82-83 sold for around 66.00 cents, same terms as above. A mixed lot containing a moderate volume of color mostly 41 and better, leaf 2 and 3, staple 37-39, mike 35-52, strength 27-33, and uniformity 79-83 sold for around 64.25 cents, same terms as above. In Oklahoma, a light volume of mostly color 31 and 41, leaf 4 and 5, staple 35 and 36, mike 33-40, strength 26-30, and uniformity 77-80 sold for around 67.50 cents, FOB car/truck (compression charges not paid).
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West Texas A light volume of color 42 and better, leaf 3-5, staple 36, mike 33-41, strength 28-31, and uniformity 79-81 sold for around 66.50 cents per pound, FOB car/truck (compression charges not paid). A light volume of color 53 and better, leaf 3 and better, staple 33 and 34, mike 42-45, strength averaging 26.5, and uniformity 78-80 sold for around 64.00 cents, same terms as above. A heavy volume of mixed lots containing color 42 and better, leaf 5 and better, staple 34 and longer, mike 30-50, strength 27-32, and uniformity 77-82 sold for around 60.25 to 62.75 cents, same terms as above.
Photos Courtesy of: Jerri Lynn Miller
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Photos Courtesy of: Gene Beck
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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 coop, merchant marketing pools, or into the CCC loan program. Average local prices were higher. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Temperatures were in the mid-to-high 90s in Arizona. No rainfall was recorded in the period. Harvesting gained momentum throughout central Arizona. Some gins began night operations working seven days a week, while others will work a five-day week schedule. Temperatures were mostly in the 70s and 80s for New Mexico and El Paso, Texas. Defoliation activities advanced. Harvesting progressed. Sources reported early yield figures were lower, due to untimely rainfall and cooler temperatures late in the growing season. Some gins began operations in the period. According to the National Agricultural Statistics Service’s Crop Progress report released on October 23, the New Mexico crop was rated mostly in fair-to-good condition. The Visalia Classing Office began a night shift on Monday, October 23. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies and demand were light. Producers delivered 2017-crop cotton to the coop, merchant marketing pools, or into the CCC loan program. Average local spot prices were higher. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light.
Temperatures were in the 70s early week, while a high pressure system raised temperatures into the mid-to-high 80s mid-week. No rainfall was recorded in the period. Harvesting gained momentum. Nearly all gins were in operation. According to the National Agricultural Statistics Service’s Crop Progress report released on October 23, the crop was rated mostly in excellent condition. The Visalia Classing Office (VCO) hosted tours for textile and apparel industries. The VCO began a night shift on Monday, October 23. American Pima (AP) Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were steady. Producers inquired for contracts. Offering prices offered were around 140.00 cents. No contracts were signed. Domestic mill inquiries were slow. Foreign mill inquiries were moderate. Shippers raised offering prices 3 to 5 cents and limited sales. Low carryover stocks and concerns about lower-than-average yields slowed shipper sales. Interest was best from China and Korea. Temperatures were in the 70s to 90s in Arizona, California, New Mexico, and El Paso, Texas. No rainfall was recorded in the period. Defoliation and harvesting activities gained momentum in Arizona and California. Ginning was active. Harvesting made good progress in New Mexico and El Paso, Texas. San Joaquin Valley sources reported yield estimates were down slightly from the average. Quality results were good. The Visalia Classing Office began a night shift on Monday, October 23.
Trading No trading activity was reported. No trading activity was reported. No trading activity was reported.
Desert Southwest San Joaquin Valley American Pima 7
2017 Crop Quality Southeast Quality Summary 2017-Crop Region Southeast
Classing Office Florence Macon Memphis Southeast
Bales 172,794 360,496 35,265 568,555
Color Grade 31 31 41 31
Leaf Grade 3 3 4 3
Trash 0.44 0.38 0.54 0.41
Mike 4.59 4.40 4.17 4.45
Staple 36.23 36.63 37.62 36.57
Strength 30.18 29.82 31.25 30.02
Uniformity 81.78 81.79 82.23 81.81
Number of Gins 50 68 14 132
Uniformity 81.90 82.46 81.54
Number Of Gins 40 72 19
South Central Quality Summary 2017-Crop Region South Central
Classing Office Dumas Memphis Rayville
Bales 357,027 514,206 165,732
South Central
1,036,965
Color Grade 31 31 41
Leaf Grade 4 3 4
Trash 0.52 0.45 0.47
Mike 4.41 4.37 4.52
Staple 37.71 37.50 37.04
Strength 31.72 31.22 31.38
31
4
0.48
4.41
37.50
31.41
Staple 36.71 36.02 35.29 35.87 36.00
Strength 29.93 29.95 28.82 29.16 29.88
82.12
131
Southwest Quality Summary 2017-Crop Region Southwest
Classing Office Abilene Corpus Christi Lamesa Lubbock Southwest
Bales 34,829 1,593,283 65,903 49,643 1,743,658
Color Grade 31 31 31 31 31
Leaf Grade 3 3 3 3 3
Trash 0.39 0.34 0.36 0.38 0.34
Mike 4.20 4.45 4.05 3.64 4.41
Uniformity 80.73 81.12 79.41 79.78 81.01
Number Of Gins 18 59 28 45 150
Uniformity 81.62 81.62 86.11
Number Of Gins 15 15 14
Far West and American Pima Quality Summary 2017-Crop Classing Office Visalia Far West Far West - Pima Visalia
Region Far West
Bales 71,333 71,333 43,659
Color Grade 21 21 1
Leaf Grade 2 2 1
Trash 0.21 0.21 0.23
Mike 4.51 4.51 4.17
Staple 36.98 36.98 48.61
Strength 32.30 32.30 43.78
United States Quality Summary 2017-Crop United States Upland United States Pima
3,420,511 43,659
31 1
3 1
0.39 0.23
4.42 4.17
36.57 48.61
30.42 43.78
81.49 86.11
428 14
Source: USDA, AMS, Cotton and Tobacco Program For complete Quality reports click here.
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Ginnings
For complete Ginnings report click here.
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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 29
Oct
Oct
Oct
Oct 27
22-28
Oct 5
6-12
13-19
20-26
Nov 2
Adjusted world price 1/
60.91
60.55
60.04
60.44
59.73
61.01
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
0.69
0.47
0.57
0.61
0.58
0.33
Fine count adjustment 2017
0.84
0.62
0.72
0.76
0.73
0.48
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 20, 2016
Through October 19, 2017
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
3,891,200
-
6,404,500
Exports
127,100
1,962,600
94,700
1,686,600
-
5,853,800
New sales
137,100
-
293,100
-
Buy-backs and cancellations
7,900
-
4,000
-
129,300
-
289,100
-
0
428,000
46,800
818,900
Total export commitments
Net sales Sales next marketing year
8,091,100
Net sales of 289,100 running bales for 2017/2018--a marketing-year high--were up 14 percent from the previous week and 52 percent from the prior 4-week average. Increases were reported for Turkey (51,500 RB), Vietnam (51,200 RB), Indonesia (49,600 RB), China (43,400 RB, including 6,200 RB switched from Vietnam and decreases of 3,000 RB), and Pakistan (29,900 RB). For 2018/2019, net sales of 46,800 RB were reported for Pakistan (26,400 RB), China (17,600 RB), and Mexico (2,800 RB). Exports of 94,700 RB were up 10 percent from the previous week, but down 16 percent from the prior 4-week average. Exports were reported primarily to Vietnam (27,000 RB), Mexico (23,500 RB), Taiwan (7,300 RB), China (5,900 RB), and Bangladesh (5,800 RB). Net sales of Pima totaling 16,200 RB for 2017/2018 were down 8 percent from the previous week and 18 percent from the prior 4-week average. Increases were reported for China (10,500 RB), India (2,500 RB), Japan (1,100 RB), and Vietnam (900 RB). Exports of 5,000 RB were down 13 percent from the previous week and 5 percent from the prior 4-week average. The primary destinations were China (1,700 RB), India (1,400 RB), Thailand (800 RB), and Egypt (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 2,700 RB were reported to Taiwan. Exports to Indonesia (2,700 RB), Taiwan (2,700 RB), and China (400 RB) were applied to new or outstanding sales. The current outstanding balance of 65,800 RB is for Indonesia (45,400 RB), Taiwan (13,100 RB), India (3,800 RB), Vietnam (1,400 RB), South Korea (1,100 RB), Bangladesh (500 RB), and Pakistan (500 RB).
Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
October 26, 2017
USDA ANNOUNCES SPECIAL IMPORT QUOTA #1 FOR UPLAND COTTON 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 November 2, 2017, allowing importation of 12,803,341 kilograms (58,805 bales) of upland cotton. Quota number 1 will be established as of November 2, 2017, and will apply to upland cotton purchased not later than January 30, 2018, and entered into the U.S. not later than April 30, 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.
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Number of Bales in Certificated Stocks Stocks as of 10-26-2017
Awaiting Review
Non-Rain Grown Cotton
Dallas/FT. Worth, TX
357
0
0
Galveston, TX
531
0
0
Greenville, SC
57
0
0
Houston, TX
533
0
0
Memphis, TN
553
0
0
2,031
0
0
Delivery Points
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 68.94 70.19 70.69 72.19
SOUTHEAST 41-4 51-5 67.44 63.94 69.44 64.94 69.94 65.44 71.69 65.69 21-2 64.25 64.75 66.50 68.00 69.25 70.00 70.75 70.75
42-4 65.19 66.69 66.69 66.94
31-3 66.69 68.44 68.94 71.19
EAST TEXAS-OKLAHOMA 31-3 41-4 63.50 62.00 64.25 63.50 66.25 64.50 68.00 67.25 68.75 67.25 69.00 67.75 69.25 68.00 69.25 69.25
NORTH DELTA 41-4 51-5 64.94 60.44 67.69 61.94 68.19 62.94 69.44 63.19 42-4 61.00 62.00 62.75 66.25 66.25 66.50 66.50 66.50
21-2 64.50 65.50 67.50 68.00 70.00 70.25 71.00 71.00
42-4 63.19 63.94 64.69 64.69
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 62.50 60.75 64.25 62.75 66.00 63.50 66.75 66.75 68.25 66.75 69.00 67.50 69.50 68.00 69.75 68.75
42-4 60.25 62.00 63.00 65.00 65.75 67.50 67.50 67.50
SOUTH DELTA 41-4 51-5 64.94 60.44 67.69 61.94 68.19 62.94 69.44 63.19
31-3 66.69 68.44 68.94 71.19
Staple 26-31 32 33 34 35 36 37 38
21-2
68.09 74.34 77.84 79.34 81.59
42-4 63.19 63.94 64.69 64.94
21-2 61.94 64.19 68.44 69.04
SAN JOAQUIN VALLEY 31-3 41-4
66.59 72.84 76.34 77.59 79.34
63.94 65.94 66.74 66.84 66.84
DESERT SOUTHWEST 31-3 41-4 61.19 56.69 63.44 62.94 66.94 63.19 68.29 63.29
51-5 54.94 55.44 57.19 57.44
32-3
63.44 65.94 66.69 67.19 68.19
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 26, 2017
11
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
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on October 11, 2017.
5 6 2
Diff.
5
26 & Below
-1900
6
27-29
-1400
4
3
Mike Range
104.25
111.75
112.00
1
112.00
119.00
119.25
30-32
-900
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
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
Strength
6 4
6 5
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
6 6
(Grams per Tex)
Extraneous Matter Level
Diff.
Prep
1 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
-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 26, 2017
12
Weekly Cotton Market Review
Cotton and Tobacco Program Cotton Market News Division 3275 Appling Road Memphis, TN 38133 901.384.3016
Vol. 99 No. 13 October 27, 2017 Inside this Issue Market Overview Price Support Spot Quotations
ICE Futures
Average quotations were 95 points higher 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 66.91 cents per pound for the week ending Thursday, October 26, 2017. The weekly average was up from 65.96 last week, but down from 68.08 cents reported the corresponding period a year ago. Daily average quotations ranged from a low of 65.24 cents Friday, October 20 to a high of 67.84 cents Monday, October 23. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended October 26 totaled 23,247 bales. This compares to 5,235 bales reported last week and 16,397 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 78,922 bales compared to 78,945 bales the corresponding week a year ago. The ICE December settlement prices ended the week at 68.19 cents, compared to 67.31 cents last week.
A Index Southeastern Textile Mill Report South Central Southwestern Western Ginnings Pima Quotations
Cotton Market Reports
Subscribe to this report
Subscribe to all Cotton Market reports Sources: USDA, AMS, Cotton and Tobacco Program, 1/ Cotlook
Southeastern Markets Regional Summary
Danny Pino Macon, GA [email protected]
Spot cotton trading was moderate. Supplies were moderate. Demand was moderate. Producer offerings were light. Average local spot prices were higher. Trading of CCC-loan equities was inactive. Producers took advantage of higher ICE futures to book a moderate volume of 2017-crop cotton during the period. Harvesting advanced across the region as producers attempted to complete picking ahead of wet weather, which interrupted fieldwork early in the week. Widespread shower activity brought around one-half of an inch to two inches of locally heavy precipitation to areas from the lower southeast to the eastern Carolinas. Damaging wind and heavy rainfall downed trees and caused flash flooding in some areas of the Carolinas. Sunny and seasonably cool weather dominated the weather pattern later in the week and helped soft soils to firm. Sunshine helped to dry out and bleach any damp and discolored lint in bolls. Defoliation and harvesting resumed in fields where soils were firm enough to support equipment. Modules continued to accumulate on gin yards and gins expanded operating schedules as they processed backlogs of modules. According to the National
Agricultural Statistics Service’s (NASS) Crop Progress report released October 23, harvesting was 45 percent completed in Alabama, 43 in Virginia, 42 in South Carolina, 37 in Georgia, and 31 percent completed in North Carolina. Cotton bolls opening had finished in Virginia and rapidly neared completion across the rest of the Southeast region, according to NASS. 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 2018 delivery. No sales were reported. Mill buyers were inquiring with domestic cotton shippers for deliveries of previously purchased 2017-crop cotton. Most mills operated five to seven days. Demand through export channels was moderate. Indonesian mill buyers purchased a moderate volume of USDA Green Card Class, color 31, leaf 3, and staple 36 for nearby shipment. Agents for mills in Pakistan and Turkey purchased a moderate volume of USDA Green Card Class, color 41, leaf 4, and staple 36 and 37 for nearby shipment.
Trading Even-running lots containing color 21 and 31, leaf 1-3, staple 35, mike 43-49, strength 27-30, and uniformity 80-82 sold for around 275 points on ICE December futures, FOB car/truck (Rule 5, compression charges paid). A light volume of color mostly 31, leaf 3 and 4, staple 37 and 38, mike 40-42, strength 30-33, and uniformity 82-84 sold for around 72.25 cents per pound, FOB car/truck, Georgia terms (Rule 5, compression charges paid, 30 days free storage). A moderate volume of color 21 and 31, leaf 2 and 3, staple 33 and longer, mike 43-52, strength 28-31, and uniformity 80-83 sold for around 325 points on ICE December futures, same terms as above. A moderate volume of color 31 and 41, leaf 3 and 4, staple 34 and 35, mike 43-49, strength 28-31, and uniformity 80-82 sold for around 250 points on ICE December futures, same terms as above.
2
South Central Markets Regional Summary
Jeff Carnahan Memphis, TN [email protected]
North Delta Spot cotton trading was moderate. Supplies of available cotton were light. Demand was moderate. Average local spot prices were higher. Trading of CCC-loan equities was moderate. No forward contracting was reported. Cold, overcast weather with intermittent shower activity prevailed during the period. Daytime temperatures were in the 70s. Overnight lows were in the 40s. Although less than 1 inch of rain was reported, damp conditions delayed outdoor activities through mid-week. Ginning continued without interruption since most gins had large backlogs of modules on their yards. Producers were shredding stalks and preparing fields for the spring planting season late week. According to the National Agricultural Statistics Service’s Crop Progress report released October 23, harvesting in Arkansas was 71 percent completed, 63 in Missouri, and 56 percent in Tennessee.
cotton were light. Demand was moderate. Average local spot prices were higher. Trading of CCC-loan equities was slow. No forward contracting was reported. A cold front moved through the region during the period. Cloudy to partly cloudy skies accompanied by intermittent rain showers brought less than 1 inch of rain to most areas. Daytime temperatures dropped from the 80s into the 60s. Overnight lows dropped into the low 40s. Harvesting activities were briefly delayed throughout the region. Most cotton acreage had been defoliated. Producers reported average yields of around 1,100 pounds, somewhat less than anticipated. Ginning progressed slowly, but steadily. Producers were able to shred stalks and prepare fields for next season once muddy fields dried sufficiently to support equipment. According to the National Agricultural Statistics Service’s Crop Progress report released October 23, harvesting was 83 percent completed in Louisiana, compared to 59 percent in Mississippi.
South Delta Spot cotton trading was slow. Supplies of available
Trading North Delta A moderate volume of color mostly 41, leaf 3-5, staple 35 and longer, mike 43-52, strength 28-30, and uniformity 80-82 sold for 67.00 to 67.25 cents per pound, FOB car/truck (Rule 5, compression charges paid). A moderate volume of CCC-loan equities sold for 13.00 cents. South Delta A light volume of color 41 and better, leaf 5 and better, staple 36 and longer, mike 33-49, strength 29-33, and uniformity 80-83 traded at around 69.00 cents per pound, FOB car/truck (Rule 5, compression charges paid). A light volume of CCC-loan equities sold for 12.00 to 14.00 cents.
3
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 higher. 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 and modules were transported to gin yards as space became available. Ginning continued. Industry meetings were held in the Rio Grande Valley. In the northern Blackland Prairies, harvesting was drawing to completion. Ginning continued uninterrupted, except for some power outages that were resolved. Canadian air moved into the region late in the reporting period and brought cooler temperatures and gusty winds. In Kansas and Oklahoma, intermittent showers brought light amount of moisture to some areas. Harvest aids were applied and harvesting expanded. Modules were transported to gin yards. Gins had begun to open and offer bale pressing services. Producers were encouraged with dryland yielding more than 3 bales per acre in southwestern Oklahoma. Kansas gins submitted samples to the Abilene Classing Office for grading services.
Average local spot prices were higher. 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 expanded and made good progress with daytime temperature highs in the mid-60s to upper 70s. Overnight lows were mostly in the mid-30s to upper 40s. Some areas experienced freezing temperatures, generally northwest of Lubbock. Windy conditions mid-week interfered briefly with outside activities. Intermittent showers brought light rains to isolated areas of the Northern High Plains. Reports from industry experts across the region indicated that the crop needs more time to mature, but with colder weather on the horizon, that window has closed. Some anticipate a large crop with mixed qualities. Warehouse personnel and other industry leaders are creating a strategy for storing an excessive amount of ginned bales from the large crop that is projected. Some gins reported a shortage of available employees because crews were still working in south Texas gins processing a larger-than-normal crop. The Lubbock Classing Office added a night shift to keep pace with incoming sample receipts. Sample hauling routes were underway for the Abilene, Lamesa, and Lubbock Classing Offices.
West Texas Spot cotton trading was slow. Supplies and producer offerings were moderate. Demand was good. Trading
East Texas A moderate volume of mostly color 11 and 21, leaf 3 and better, staple 36 and longer, mike 37-47, strength 27-31, and uniformity 78-82 sold for around 67.75 cents per pound, FOB warehouse (compression charges not paid). A light volume of color 31, leaf 3 and 4, staple 35 and 36, mike 47-51, strength 33-36, and uniformity 82-83 sold for around 66.00 cents, same terms as above. A mixed lot containing a moderate volume of color mostly 41 and better, leaf 2 and 3, staple 37-39, mike 35-52, strength 27-33, and uniformity 79-83 sold for around 64.25 cents, same terms as above. In Oklahoma, a light volume of mostly color 31 and 41, leaf 4 and 5, staple 35 and 36, mike 33-40, strength 26-30, and uniformity 77-80 sold for around 67.50 cents, FOB car/truck (compression charges not paid).
4
West Texas A light volume of color 42 and better, leaf 3-5, staple 36, mike 33-41, strength 28-31, and uniformity 79-81 sold for around 66.50 cents per pound, FOB car/truck (compression charges not paid). A light volume of color 53 and better, leaf 3 and better, staple 33 and 34, mike 42-45, strength averaging 26.5, and uniformity 78-80 sold for around 64.00 cents, same terms as above. A heavy volume of mixed lots containing color 42 and better, leaf 5 and better, staple 34 and longer, mike 30-50, strength 27-32, and uniformity 77-82 sold for around 60.25 to 62.75 cents, same terms as above.
Photos Courtesy of: Jerri Lynn Miller
5
Photos Courtesy of: Gene Beck
6
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 coop, merchant marketing pools, or into the CCC loan program. Average local prices were higher. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Temperatures were in the mid-to-high 90s in Arizona. No rainfall was recorded in the period. Harvesting gained momentum throughout central Arizona. Some gins began night operations working seven days a week, while others will work a five-day week schedule. Temperatures were mostly in the 70s and 80s for New Mexico and El Paso, Texas. Defoliation activities advanced. Harvesting progressed. Sources reported early yield figures were lower, due to untimely rainfall and cooler temperatures late in the growing season. Some gins began operations in the period. According to the National Agricultural Statistics Service’s Crop Progress report released on October 23, the New Mexico crop was rated mostly in fair-to-good condition. The Visalia Classing Office began a night shift on Monday, October 23. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies and demand were light. Producers delivered 2017-crop cotton to the coop, merchant marketing pools, or into the CCC loan program. Average local spot prices were higher. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light.
Temperatures were in the 70s early week, while a high pressure system raised temperatures into the mid-to-high 80s mid-week. No rainfall was recorded in the period. Harvesting gained momentum. Nearly all gins were in operation. According to the National Agricultural Statistics Service’s Crop Progress report released on October 23, the crop was rated mostly in excellent condition. The Visalia Classing Office (VCO) hosted tours for textile and apparel industries. The VCO began a night shift on Monday, October 23. American Pima (AP) Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were steady. Producers inquired for contracts. Offering prices offered were around 140.00 cents. No contracts were signed. Domestic mill inquiries were slow. Foreign mill inquiries were moderate. Shippers raised offering prices 3 to 5 cents and limited sales. Low carryover stocks and concerns about lower-than-average yields slowed shipper sales. Interest was best from China and Korea. Temperatures were in the 70s to 90s in Arizona, California, New Mexico, and El Paso, Texas. No rainfall was recorded in the period. Defoliation and harvesting activities gained momentum in Arizona and California. Ginning was active. Harvesting made good progress in New Mexico and El Paso, Texas. San Joaquin Valley sources reported yield estimates were down slightly from the average. Quality results were good. The Visalia Classing Office began a night shift on Monday, October 23.
Trading No trading activity was reported. No trading activity was reported. No trading activity was reported.
Desert Southwest San Joaquin Valley American Pima 7
2017 Crop Quality Southeast Quality Summary 2017-Crop Region Southeast
Classing Office Florence Macon Memphis Southeast
Bales 172,794 360,496 35,265 568,555
Color Grade 31 31 41 31
Leaf Grade 3 3 4 3
Trash 0.44 0.38 0.54 0.41
Mike 4.59 4.40 4.17 4.45
Staple 36.23 36.63 37.62 36.57
Strength 30.18 29.82 31.25 30.02
Uniformity 81.78 81.79 82.23 81.81
Number of Gins 50 68 14 132
Uniformity 81.90 82.46 81.54
Number Of Gins 40 72 19
South Central Quality Summary 2017-Crop Region South Central
Classing Office Dumas Memphis Rayville
Bales 357,027 514,206 165,732
South Central
1,036,965
Color Grade 31 31 41
Leaf Grade 4 3 4
Trash 0.52 0.45 0.47
Mike 4.41 4.37 4.52
Staple 37.71 37.50 37.04
Strength 31.72 31.22 31.38
31
4
0.48
4.41
37.50
31.41
Staple 36.71 36.02 35.29 35.87 36.00
Strength 29.93 29.95 28.82 29.16 29.88
82.12
131
Southwest Quality Summary 2017-Crop Region Southwest
Classing Office Abilene Corpus Christi Lamesa Lubbock Southwest
Bales 34,829 1,593,283 65,903 49,643 1,743,658
Color Grade 31 31 31 31 31
Leaf Grade 3 3 3 3 3
Trash 0.39 0.34 0.36 0.38 0.34
Mike 4.20 4.45 4.05 3.64 4.41
Uniformity 80.73 81.12 79.41 79.78 81.01
Number Of Gins 18 59 28 45 150
Uniformity 81.62 81.62 86.11
Number Of Gins 15 15 14
Far West and American Pima Quality Summary 2017-Crop Classing Office Visalia Far West Far West - Pima Visalia
Region Far West
Bales 71,333 71,333 43,659
Color Grade 21 21 1
Leaf Grade 2 2 1
Trash 0.21 0.21 0.23
Mike 4.51 4.51 4.17
Staple 36.98 36.98 48.61
Strength 32.30 32.30 43.78
United States Quality Summary 2017-Crop United States Upland United States Pima
3,420,511 43,659
31 1
3 1
0.39 0.23
4.42 4.17
36.57 48.61
30.42 43.78
81.49 86.11
428 14
Source: USDA, AMS, Cotton and Tobacco Program For complete Quality reports click here.
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Ginnings
For complete Ginnings report click here.
9
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 29
Oct
Oct
Oct
Oct 27
22-28
Oct 5
6-12
13-19
20-26
Nov 2
Adjusted world price 1/
60.91
60.55
60.04
60.44
59.73
61.01
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
0.69
0.47
0.57
0.61
0.58
0.33
Fine count adjustment 2017
0.84
0.62
0.72
0.76
0.73
0.48
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 20, 2016
Through October 19, 2017
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
3,891,200
-
6,404,500
Exports
127,100
1,962,600
94,700
1,686,600
-
5,853,800
New sales
137,100
-
293,100
-
Buy-backs and cancellations
7,900
-
4,000
-
129,300
-
289,100
-
0
428,000
46,800
818,900
Total export commitments
Net sales Sales next marketing year
8,091,100
Net sales of 289,100 running bales for 2017/2018--a marketing-year high--were up 14 percent from the previous week and 52 percent from the prior 4-week average. Increases were reported for Turkey (51,500 RB), Vietnam (51,200 RB), Indonesia (49,600 RB), China (43,400 RB, including 6,200 RB switched from Vietnam and decreases of 3,000 RB), and Pakistan (29,900 RB). For 2018/2019, net sales of 46,800 RB were reported for Pakistan (26,400 RB), China (17,600 RB), and Mexico (2,800 RB). Exports of 94,700 RB were up 10 percent from the previous week, but down 16 percent from the prior 4-week average. Exports were reported primarily to Vietnam (27,000 RB), Mexico (23,500 RB), Taiwan (7,300 RB), China (5,900 RB), and Bangladesh (5,800 RB). Net sales of Pima totaling 16,200 RB for 2017/2018 were down 8 percent from the previous week and 18 percent from the prior 4-week average. Increases were reported for China (10,500 RB), India (2,500 RB), Japan (1,100 RB), and Vietnam (900 RB). Exports of 5,000 RB were down 13 percent from the previous week and 5 percent from the prior 4-week average. The primary destinations were China (1,700 RB), India (1,400 RB), Thailand (800 RB), and Egypt (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 2,700 RB were reported to Taiwan. Exports to Indonesia (2,700 RB), Taiwan (2,700 RB), and China (400 RB) were applied to new or outstanding sales. The current outstanding balance of 65,800 RB is for Indonesia (45,400 RB), Taiwan (13,100 RB), India (3,800 RB), Vietnam (1,400 RB), South Korea (1,100 RB), Bangladesh (500 RB), and Pakistan (500 RB).
Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
October 26, 2017
USDA ANNOUNCES SPECIAL IMPORT QUOTA #1 FOR UPLAND COTTON 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 November 2, 2017, allowing importation of 12,803,341 kilograms (58,805 bales) of upland cotton. Quota number 1 will be established as of November 2, 2017, and will apply to upland cotton purchased not later than January 30, 2018, and entered into the U.S. not later than April 30, 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.
10
Number of Bales in Certificated Stocks Stocks as of 10-26-2017
Awaiting Review
Non-Rain Grown Cotton
Dallas/FT. Worth, TX
357
0
0
Galveston, TX
531
0
0
Greenville, SC
57
0
0
Houston, TX
533
0
0
Memphis, TN
553
0
0
2,031
0
0
Delivery Points
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 68.94 70.19 70.69 72.19
SOUTHEAST 41-4 51-5 67.44 63.94 69.44 64.94 69.94 65.44 71.69 65.69 21-2 64.25 64.75 66.50 68.00 69.25 70.00 70.75 70.75
42-4 65.19 66.69 66.69 66.94
31-3 66.69 68.44 68.94 71.19
EAST TEXAS-OKLAHOMA 31-3 41-4 63.50 62.00 64.25 63.50 66.25 64.50 68.00 67.25 68.75 67.25 69.00 67.75 69.25 68.00 69.25 69.25
NORTH DELTA 41-4 51-5 64.94 60.44 67.69 61.94 68.19 62.94 69.44 63.19 42-4 61.00 62.00 62.75 66.25 66.25 66.50 66.50 66.50
21-2 64.50 65.50 67.50 68.00 70.00 70.25 71.00 71.00
42-4 63.19 63.94 64.69 64.69
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 62.50 60.75 64.25 62.75 66.00 63.50 66.75 66.75 68.25 66.75 69.00 67.50 69.50 68.00 69.75 68.75
42-4 60.25 62.00 63.00 65.00 65.75 67.50 67.50 67.50
SOUTH DELTA 41-4 51-5 64.94 60.44 67.69 61.94 68.19 62.94 69.44 63.19
31-3 66.69 68.44 68.94 71.19
Staple 26-31 32 33 34 35 36 37 38
21-2
68.09 74.34 77.84 79.34 81.59
42-4 63.19 63.94 64.69 64.94
21-2 61.94 64.19 68.44 69.04
SAN JOAQUIN VALLEY 31-3 41-4
66.59 72.84 76.34 77.59 79.34
63.94 65.94 66.74 66.84 66.84
DESERT SOUTHWEST 31-3 41-4 61.19 56.69 63.44 62.94 66.94 63.19 68.29 63.29
51-5 54.94 55.44 57.19 57.44
32-3
63.44 65.94 66.69 67.19 68.19
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 26, 2017
11
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
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on October 11, 2017.
5 6 2
Diff.
5
26 & Below
-1900
6
27-29
-1400
4
3
Mike Range
104.25
111.75
112.00
1
112.00
119.00
119.25
30-32
-900
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
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
Strength
6 4
6 5
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
6 6
(Grams per Tex)
Extraneous Matter Level
Diff.
Prep
1 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
-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 26, 2017
12
