Weekly Cotton Market Review
Mp_cn812
Vol. 98
No. 46
June 23, 2017 Inside this Issue Market Overview Price Support Southeastern South Central Southwestern Western Textile Mill Report
USDA, AMS, Cotton and Tobacco Program Cotton Market News Division 3275 Appling Road Memphis, Tennessee 38133
Weekly Cotton Market Review Average quotations were 439 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 66.99 cents per pound for the week ending Thursday, June 22, 2017. This is the lowest weekly average for the season. The weekly average was down from 71.38 last week, but up from 62.87 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 69.09 cents Friday, June 16 to a low of 65.63 cents Thursday, June 22. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended June 22 totaled 769 bales. This compares to 268 bales reported last week and 881 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 1,563,450 bales compared to 1,462,529 bales the corresponding week a year ago. The ICE October settlement prices ended the week at 68.03 cents, compared to 71.22 cents last week.
Price Information
Spot Quotations ICE Futures A Index Pima Quotations
Prices are in effect from June 23-29, 2017 Adjusted World Price (AWP) Loan Deficiency Payment (LDP) Coarse Count Adjustment (CCA)
64.60 0.00 0.00
ELS Competitiveness Payment Fine Count Adjustment 2016 Crop Fine Count Adjustment 2017 Crop
0.00 0.00 0.00
Source: Farm Service Agency, FSA, USDA
USDA ANNOUNCES SPECIAL IMPORT QUOTA #9 FOR UPLAND COTTON June 22, 2017
Contact Us [email protected]
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 June 29, 2017, allowing importation of 13,890,026 kilograms (63,796 bales) of upland cotton. Quota number 9 will be established as of June 29, 2017, and will apply to upland cotton purchased not later than September 26, 2017, and entered into the U.S. not later than December 25, 2017. The quota is equivalent to one week's consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period January 2017 through March 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.
Regional Summaries Southeastern Market Spot cotton trading was inactive. Supplies were light. Demand was moderate. Producer offerings were light. Average local spot prices were lower. Trading of CCC-loan equities was inactive. Lingering storms brought several inches of daily accumulated precipitation to much of south Alabama and areas along the Gulf Coast during most of the period. Fieldwork was interrupted, but producers rushed to make herbicide applications as breaks in the rainfall and dry conditions allowed. Additional heavy precipitation was received late week as remnants of Tropical Storm Cindy drifted east and dropped an additional 3 to 4 inches of rainfall throughout the state. Flash flood and tornado watches remained in effect through Thursday afternoon. Many low-lying fields in south Alabama remained saturated from excessive rainfall in recent weeks and some have already been re-planted due to flooding. In other areas, producers were still waiting to begin planting due to wet conditions throughout June. A period of hot and dry weather is needed to increase heat units and invigorate young maturing plants and help to establish root systems. Throughout the lower southeast, producers were scouting the most mature fields for aphids and plant bugs, and monitoring plants for square retention. Scattered storm systems brought several inches of moisture to portions of the Carolinas during the period. The wet weather limited fieldwork in some areas. Producers applied herbicides to control weeds and made spray applications for plant bugs where populations exceeded threshold limits. Aphid and spider mites were building in some fields. South Central Markets North Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was light. Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Cloudy to partly sunny climatic conditions prevailed during most of the period. Less than onehalf of an inch of rain was reported in the Memphis territory, but more rainfall was in the forecast from the remnants of Tropical Storm Cindy. Heavy rainfall in isolated areas directly in the path of storm
cells was expected. Flood warnings were in effect for several counties in Arkansas and Tennessee. Daytime temperatures were in the 80s. Overnight lows were in the 70s. The warm temperatures helped the crop make good progress. Producers were busy applying fertilizer and herbicides; issues with dicamba drift in Arkansas were reported. Fields were monitored for a variety of insect pests; treatments were applied as necessary to control outbreaks of plant bugs and, to a lesser extent, aphids. The National Agricultural Statistics Service’s Crop Progress report for week ending June 18, squaring reached 60 percent in Arkansas, 14 in Missouri, and 23 percent in Tennessee. South Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was light. Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Tropical Storm Cindy made landfall along the Gulf Coast on Wednesday, June 21, bringing torrential rain and gale force winds to several states. Up to 7 inches of rain were reported in Mississippi and Louisiana, with flood warnings and states of emergency in effect throughout the affected area. Cotton fields along the storm’s path were at risk from flooding; however, damage to squaring cotton plants was not expected to be too pronounced at this stage of crop development, even in early-planted fields. Daytime temperatures were in the 80s to 90s. Overnight lows were in the 60s to 70s. The crop made good progress. Fieldwork included the application of fertilizer and weed control measures. Issues with crop damage from dicamba drift were reported in Mississippi. The population levels of aphids and plant bugs were carefully monitored. Chemicals were applied as necessary to control outbreaks. According to the National Agricultural Statistics Service’s Crop Progress report for week ending June 18, squaring reached 54 percent in Louisiana and 25 percent in Mississippi. Southwestern Markets East Texas-Oklahoma Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was very 2
Regional Summaries light. Average local spot prices were lower. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were heavy. Interest was best from China, Indonesia, and Vietnam. In the Rio Grande Valley, the crop matured and some fields were irrigated. Bolls were present on the lower and upper branches. Some bolls had begun to crack open. Boll openers and pre-harvest chemicals were applied on some earlier-planted fields, according to local reports. Plants were blooming in the Upper Coast and Coastal Bend. Experts monitored for plant pests including stink bugs and bollworms. In the Blackland Prairies, the crop advanced. A few beneficial showers brought moisture to some stands. Producers sprayed for weeds, and applied plant growth regulators. Insect pressure was light. In Kansas, the cotton condition was rated 79 percent good and 89 percent was planted, according to the National Agricultural Statistics Service’s Crop Progress report for week ending June 18. Stands had begun to square. In Oklahoma, final planting was underway. Some stands had begun to square. Producers monitored for insect infestations. West Texas Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was very light. Average local spot prices were lower. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were heavy. Interest was best from China, Indonesia, and Vietnam. Irrigated stands advanced. Dry, windy conditions prevailed and some dryland stands struggled to progress with daytime highs in the upper 80s to a record setting 112 degrees in Lubbock on June 17. A light rain on June 22 helped dryland acreage alleviate heat stress. Spotty storms brought around one-tenth to three-fourths of an inch of moisture to some areas. Irrigation helped where it was available. Replanting was underway. Planting deadlines for full insurance eligibility expired on June 20 for counties east of the Caprock. Planting is virtually completed other than replanting activities. Producers continued to control weeds through cultivation and spraying. Hoe crews were active in the fields removing weed escapes. Treatments were applied for thrips and other plant pests. Some panhandle areas had begun to monitor for grasshoppers. Meetings were held. Western Markets Desert Southwest (DSW) Spot cotton trading was inactive. Supplies and demand were light. Average local prices were lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Daytime high temperatures were in the high 110s, with a one-day high of 119 degrees on June 20 in central Arizona. Nighttime lows were in the high 70s to mid-80s, giving cotton plants little time to rest. Some fields exhibited signs of heat stress. Some producers irrigated the crop to minimize stress. Producers monitored for insect pests. Heat advisories were posted throughout New Mexico and El Paso, Texas. The crop made good progress. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies were moderate. Demand was light. Average local spot prices were lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Daytime high temperatures were in the high 100s, with several locations reaching 110 degrees in the period. Flooding concerns were renewed as triple-digit heat continues, rivers were overwhelmed with rushing snowmelt. Sources reported levees were holding in agricultural areas, but some locales were evacuated as rising water encroached through homes and businesses located near the Kings River. The heat certainly helped the crop catch up. Although plant development varied throughout the SJV; blooming was reported in the earliest-planted fields. Producers irrigated to combat heat stress and monitored for insect pests. The California State Department of Agriculture Pink Bollworm program had mapped approximately 291,648 acres of cotton in California as of June 20. The Department did not report the number of acres of Upland planted, but local experts estimated that about 25 percent was Upland cotton. 3
Regional Summaries American Pima (AP) Spot cotton trading was inactive. Supplies were light. Demand was good. Average local spot prices were steady. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were moderate for 2017-crop cotton. Extremely hot, dry conditions continued in the far west. Excessive heat warnings and heat advisories were posted for Arizona, California, New Mexico, and El Paso, Texas as triple-digit temperatures were recorded in the period. Producers managed heat stress with timely irrigations. The heat allowed the crop to rapidly advance. Boll-setting was good in Yuma, Arizona. First blooms were reported in the San Joaquin Valley in the earliest-planted fields. The extreme temperatures increased snowmelt and overwhelmed rivers and creeks. Sources reported levees were holding in agricultural areas, but some locales were evacuated as rising water encroached through homes and businesses located near Kings River. The California State Department of Agriculture Pink Bollworm program had mapped approximately 291,648 acres of cotton in California as of June 20. The Department did not report the number of acres of AP planted, but local experts estimated that about 75 percent was AP cotton. The crop made good progress in New Mexico and El Paso, Texas. Textile Mill Domestic mill buyers inquired for a moderate volume of 2017-crop cotton, color 51 and better, leaf 5 and better, and staple mostly 34 and longer for November/December delivery. Mill buyers also inquired for a moderate volume of 2017-crop cotton, color 41, leaf 4, and staple 34 for January through December 2018 delivery. No sales were reported. Domestic cotton shippers were reluctant to offer a significant volume of lower grade qualities for sale this early in the growing season. Most mills have covered their nearby raw cotton needs. Finished product demand was lackluster. Most mills operated four to seven days. Demand through export channels was moderate, but had improved due to lower ICE futures prices. Agents for mills throughout the Far East inquired for any discounted styles of cotton.
4
Regional Price Information
Southeastern Markets
No trading activity was reported.
South Central Markets
North Delta
No trading activity was reported. South Delta No trading activity was reported.
Southwestern Markets
East Texas In Kansas and Oklahoma, mixed lots containing a light volume of mostly color 23 and better, leaf 3 and better, staple 35 and 36, mike 35-47, strength 29-32, uniformity 79-82, and 25 percent extraneous matter sold for 65.25 to 73.00 cents per pound, FOB car/truck (compression charges not paid). West Texas A mixed lot containing a light volume of mostly color 31 and better, leaf 3 and better, staple 36 and longer, mike 35-49, strength 26-32, uniformity 77-83, and 25 percent extraneous matter sold for around 65.25 cents per pound, FOB car/truck (compression charges not paid).
Western Markets
Desert Southwest No trading activity was reported. San Joaquin Valley No trading activity was reported. American Pima No trading activity was reported.
5
Number of Bales in Certificated Stocks Stocks as of 6-22-2017
Awaiting Review
Non-Rain Grown Cotton
41,166
0
0
Galveston, TX
143,540
0
22
Greenville, SC
3,749
0
0
241
0
0
Delivery Points Dallas/FT. Worth, TX
Houston, TX Memphis, TN
302,201
3,742
352
Total
490,897
3,742
374
Source: USDA, AMS and ICE U. S. Futures
Market
Average Price for 41-4-34 Fri Mon Tue Wed 16-Jun 19-Jun 20-Jun 21-Jun
Thu 22-Jun
SE ND SD ETX WTX DSW
71.13 70.38 70.38 69.00 69.00 66.38
69.61 68.86 68.86 68.00 68.00 64.86
68.29 67.54 67.54 67.50 67.50 63.54
67.52 66.77 66.77 66.75 66.75 62.77
67.28 66.53 66.53 66.50 66.50 62.53
SJV
67.38
65.86
64.54
63.77
63.53
7-Mkt Avg
69.09
67.72
66.64
65.87
65.63
Market SE ND SD ETX WTX DSW SJV 7-Mkt Avg
Source: USDA, AMS, Cotton and Tobacco Program
Market
Average Price for 31-3-35 Fri Mon Tue Wed 16-Jun 19-Jun 20-Jun 21-Jun 72.38 71.63 71.63 70.50 70.50 70.38 76.28 71.90
70.86 70.11 70.11 69.50 69.50 68.86 74.76 70.53
69.54 68.79 68.79 69.00 69.00 67.54 73.44 69.44
68.77 68.02 68.02 68.25 68.25 66.77 72.67 68.68
Thu 22-Jun 68.53 67.78 67.78 68.00 68.00 66.53 72.43 68.44
Source: USDA, AMS, Cotton and Tobacco Program
Spot Transactions Fri Mon Tue 16-Jun 19-Jun 20-Jun
Wed 21-Jun
Thu 22-Jun
Upland SE ND SD ETX WTX DSW SJV
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 350 419 0 0
Total
0
0
0
0
769
Pima
0
0
0
0
0
Source: USDA, AMS, Cotton and Tobacco Program 6
31-3 66.78 68.03 68.53 70.03
SOUTHEAST 41-4 51-5 65.28 61.78 67.28 62.78 67.78 63.28 69.53 63.53
21-2 63.50 64.00 65.75 67.25 68.75 69.50 70.25 70.25
42-4 63.03 64.53 64.53 64.78
Spot quotations are in cents per pound for cotton equal to the Official Standards, net weight, in mixed lots, compressed, FOB car/truck. NORTH DELTA SOUTH DELTA 31-3 41-4 51-5 42-4 Staple 31-3 41-4 51-5 65.53 63.78 59.28 62.03 33 65.53 63.78 59.28 67.28 66.53 60.78 62.78 34 67.28 66.53 60.78 67.78 67.03 61.78 63.53 35 67.78 67.03 61.78 70.03 68.28 62.03 63.53 36 70.03 68.28 62.03
EAST TEXAS-OKLAHOMA 31-3 41-4 62.75 61.25 63.50 62.75 65.50 63.75 67.25 66.50 68.00 66.50 68.25 67.00 68.50 67.25 68.50 68.50
42-4 60.25 61.25 62.00 65.50 65.50 65.75 65.75 65.75
21-2 63.75 64.75 66.75 67.25 69.25 69.50 70.25 70.25
WEST TEXAS 31-3 41-4 62.25 60.50 64.00 62.50 65.75 63.25 66.50 66.50 68.00 66.50 68.75 67.25 69.25 67.75 69.50 68.50
42-4 59.50 61.25 62.25 64.25 65.00 66.75 66.75 66.75
Staple 26-31 32 33 34 35 36 37 38
21-2
67.68 73.93 77.43 78.93 81.18
42-4 62.03 62.78 63.53 63.78
21-2 61.53 63.78 68.03 68.63
SAN JOAQUIN VALLEY 31-3 41-4
66.18 72.43 75.93 77.18 78.93
63.53 65.53 66.33 66.43 66.43
DESERT SOUTHWEST 31-3 41-4 60.78 56.28 63.03 62.53 66.53 62.78 67.88 62.88
51-5 54.53 55.03 56.78 57.03
32-3
63.03 65.53 66.28 66.78 67.78
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
LANDED MILL QUOTATIONS - GROUP 201 MILL POINTS Cents per pound, even running lots, mike 35-49, strength 23.5 or more grams per tex, net weight, prompt shipment, delivered brokerage included. Quotations for group 200 mill points are slightly higher and for Alabama, Georgia and east Tennessee mills are slightly lower. 31-3
NQ NQ NQ
SE GROWTH AREA 41-4 51-5
NQ NQ NQ
NQ--No quote available
NQ NQ NQ
42-4
31-3
NQ NQ NQ
NQ NQ NQ
DELTA GROWTH AREA 41-4 51-5
NQ NQ NQ
NQ NQ NQ
42-4
NQ NQ NQ
Staple 31 32 33 34 35 36
31-3 NQ NQ NQ NQ
TX-OK GROWTH AREA 41-4 32-3 NQ NQ NQ NQ NQ NQ NQ NQ
42-4 NQ NQ NQ NQ
SJV GROWTH AREA 31-3 41-4 51-5
NQ NQ NQ
NQ NQ NQ
NQ NQ NQ June 22, 2017
7
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 Description
May
May 26
June
June
June
June
19-25
June 1
2-8
9-15
16-22
23-29
Adjusted world price 1/
72.44
69.25
68.43
68.03
67.31
64.60
Coarse 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
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. ICE futures contract settlement, designated spot market average for color 41, leaf 4, staple 34, and Far Eastern 'A' Index Color 41, Leaf 4, Staple 34 Date
Far Eastern
Futures Settlement
7-Market
A Index 1/
Jul-17
Oct-17
Dec-17
Mar-18
May-18
Jul-18
Average
Current
Forward
June 16
71.88
70.86
69.36
69.42
69.89
70.33
69.09
83.40
79.40
June 19
71.39
70.36
69.04
68.92
69.34
69.71
67.72
83.40
79.40
June 20
71.35
69.04
68.97
68.91
69.35
69.75
66.64
83.00
79.10
June 21
70.89
68.27
68.17
68.11
68.54
68.93
65.87
83.00
79.10
June 22
71.14
68.03
66.74
66.67
67.23
67.72
65.63
82.60
78.35
1/ Far Eastern A Index furnished by Cotton Outlook of Liverpool. Color 41, Leaf 4, Staple 34 Cents per Pound
7-Market
Date
Southeast
North Delta
South Delta
East TX/OK
West Texas
Desert SW
SJ Valley
Average
June 16
71.13
70.38
70.38
69.00
69.00
66.38
67.38
69.09
June 19
69.61
68.86
68.86
68.00
68.00
64.86
65.86
67.72
June 20
68.29
67.54
67.54
67.50
67.50
63.54
64.54
66.64
June 21
67.52
66.77
66.77
66.75
66.75
62.77
63.77
65.87
June 22
67.28
66.53
66.53
66.50
66.50
62.53
63.53
65.63
Source: USDA, AMS, Cotton and Tobacco Program, Cotton Market News. Marketing Years Description
2015-2016
2016-2017
Through June 16, 2016
Through June 15, 2017
Week
Mkt. Year
Week
Outstanding sales
-
1,546,600
-
2,013,600
Exports
165,100
7,054,200
259,400
12,090,800
Total export commitments
Mkt. Year
-
8,600,800
-
14,104,400
New sales
176,100
-
216,700
-
Buy-backs and cancellations
6,100
-
49,200
-
170,000
-
167,500
-
96,700
1,672,500
426,800
3,829,000
Net sales Sales next marketing year
Net upland sales of 167,500 RB for 2016/2017 were up noticeably from the previous week and from the prior 4-week average. Increases were reported for Vietnam (101,300 RB, including 900 RB switched from Taiwan, 3,800 RB switched from Japan, and decreases of 8,400 RB), India (18,800 RB, including 5,200 RB switched from Taiwan and decreases of 500 RB), Indonesia (17,100 RB, including 2,400 RB switched from Japan), and Mexico (14,900 RB). Reductions were reported for Taiwan (6,300 RB), South Korea (6,200 RB), and Japan (2,400 RB). For 2017/2018, net sales of 426,800 RB were reported primarily for Vietnam (156,900 RB), China (145,200 RB), Indonesia (53,900 RB), and Thailand (21,100 RB). Exports of 259,400 RB were up 11 percent from the previous week, but down 17 percent from the prior 4-week average. The primary destinations were Vietnam (58,300 RB), Turkey (58,200 RB), Indonesia (30,500 RB), China (24,200 RB), and India (21,900 RB). Net sales of Pima totaling 9,500 RB for 2016/2017 were up noticeably from the previous week and from the prior 4-week average. Increases were for India (5,300 RB), China (3,100 RB), and Japan (900 RB). For 2017/2018, net sales of 48,500 RB were reported for China (20,200 RB), India (18,100 RB), Vietnam (6,500 RB), and Egypt (1,800 RB). Exports of 6,900 RB were down 45 percent from the previous week and 38 percent from the prior 4-week average. The destinations were primarily China (2,000 RB), India (1,700 RB), Indonesia (1,000 RB), and Austria (900 RB). Exports for Own Account: New exports for own account were reported to Vietnam (15,200 RB), Indonesia (7,300 RB), Taiwan (1,100 RB), and Thailand (400 RB). Exports to Vietnam (28,500 RB), Bangladesh (3,300 RB), Taiwan (1,100 RB), India (600 RB), and Vietnam (400 RB) were applied to new or outstanding sales. Decreases were reported for Indonesia (1,900 RB). The current outstanding balance of 110,600 RB is for Indonesia (71,900 RB), Taiwan (14,400 RB), Vietnam (7,200 RB), India (5,500 RB), South Korea (5,100 RB), Bangladesh (3,200 RB), Thailand (1,900 RB), China (900 RB), and Pakistan (500 RB). Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
June 22, 2017
8
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
138.50
146.50
147.75
2
138.25
146.25
147.50
3
130.50
137.50
137.75
1
138.25
146.25
147.50
2
138.00
146.00
147.25
3
130.25
137.25
137.50
4
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on February 3, 2017.
5 6 2
4
120.25
127.75
128.00
5 6 3
Mike Range
Diff.
26 & Below
-1900
27-29
-1400
1
128.00
135.00
135.25
30-32
-900
2
125.50
132.50
132.75
33-34
-400
3
124.25
131.25
131.50
35 & Above
0
4
115.25
122.25
122.50
5
99.25
105.75
106.00 Strength
6 4
1
109.00
116.00
117.00
2
108.75
115.75
116.25
Range
Diff.
3
108.50
115.50
115.50
35.4 & Below
-1350
4
103.50
110.50
110.50
35.5-36.4
-1100
5
92.25
99.25
99.25
36.5-37.4
-850
37.5 & Above
0
6 5
6
(Grams per Tex)
1 2
88.00
97.25
97.25
3
88.00
96.75
97.25
4
88.00
91.25
91.25
5
87.75
91.00
91.00
Extraneous Matter
6
Level
1
Prep
2
80.25
82.50
82.50
3
80.25
82.50
82.50
1 2
4
80.25
82.50
82.50
Other
Diff. -810 -1095
5
80.00 82.25 82.25 1 -715 2 6 79.50 81.75 81.75 -1035 1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
June 22, 2017
9
Contact & Subscription Information
Contact Information Division Director Barbara Meredith
[email protected]
(901) 384-3016
Deputy Division Director Cathy L. Greene
[email protected]
(901) 384-3016
Southeastern Area Reporter Danny Pino Jr.
[email protected]
(478) 752-3560
South Central Area Reporter Jeff Carnahan
[email protected]
(901) 384-3016
Southwestern Area Reporter Jane Byers-Angle
[email protected]
(806) 472-7635
Western Area Reporter Maria Townsend
[email protected]
(559) 651-3019
National Reporter Veronica Williamson
[email protected]
(843) 667-4381
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10
Vol. 98
No. 46
June 23, 2017 Inside this Issue Market Overview Price Support Southeastern South Central Southwestern Western Textile Mill Report
USDA, AMS, Cotton and Tobacco Program Cotton Market News Division 3275 Appling Road Memphis, Tennessee 38133
Weekly Cotton Market Review Average quotations were 439 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 66.99 cents per pound for the week ending Thursday, June 22, 2017. This is the lowest weekly average for the season. The weekly average was down from 71.38 last week, but up from 62.87 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 69.09 cents Friday, June 16 to a low of 65.63 cents Thursday, June 22. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended June 22 totaled 769 bales. This compares to 268 bales reported last week and 881 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 1,563,450 bales compared to 1,462,529 bales the corresponding week a year ago. The ICE October settlement prices ended the week at 68.03 cents, compared to 71.22 cents last week.
Price Information
Spot Quotations ICE Futures A Index Pima Quotations
Prices are in effect from June 23-29, 2017 Adjusted World Price (AWP) Loan Deficiency Payment (LDP) Coarse Count Adjustment (CCA)
64.60 0.00 0.00
ELS Competitiveness Payment Fine Count Adjustment 2016 Crop Fine Count Adjustment 2017 Crop
0.00 0.00 0.00
Source: Farm Service Agency, FSA, USDA
USDA ANNOUNCES SPECIAL IMPORT QUOTA #9 FOR UPLAND COTTON June 22, 2017
Contact Us [email protected]
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 June 29, 2017, allowing importation of 13,890,026 kilograms (63,796 bales) of upland cotton. Quota number 9 will be established as of June 29, 2017, and will apply to upland cotton purchased not later than September 26, 2017, and entered into the U.S. not later than December 25, 2017. The quota is equivalent to one week's consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period January 2017 through March 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.
Regional Summaries Southeastern Market Spot cotton trading was inactive. Supplies were light. Demand was moderate. Producer offerings were light. Average local spot prices were lower. Trading of CCC-loan equities was inactive. Lingering storms brought several inches of daily accumulated precipitation to much of south Alabama and areas along the Gulf Coast during most of the period. Fieldwork was interrupted, but producers rushed to make herbicide applications as breaks in the rainfall and dry conditions allowed. Additional heavy precipitation was received late week as remnants of Tropical Storm Cindy drifted east and dropped an additional 3 to 4 inches of rainfall throughout the state. Flash flood and tornado watches remained in effect through Thursday afternoon. Many low-lying fields in south Alabama remained saturated from excessive rainfall in recent weeks and some have already been re-planted due to flooding. In other areas, producers were still waiting to begin planting due to wet conditions throughout June. A period of hot and dry weather is needed to increase heat units and invigorate young maturing plants and help to establish root systems. Throughout the lower southeast, producers were scouting the most mature fields for aphids and plant bugs, and monitoring plants for square retention. Scattered storm systems brought several inches of moisture to portions of the Carolinas during the period. The wet weather limited fieldwork in some areas. Producers applied herbicides to control weeds and made spray applications for plant bugs where populations exceeded threshold limits. Aphid and spider mites were building in some fields. South Central Markets North Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was light. Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Cloudy to partly sunny climatic conditions prevailed during most of the period. Less than onehalf of an inch of rain was reported in the Memphis territory, but more rainfall was in the forecast from the remnants of Tropical Storm Cindy. Heavy rainfall in isolated areas directly in the path of storm
cells was expected. Flood warnings were in effect for several counties in Arkansas and Tennessee. Daytime temperatures were in the 80s. Overnight lows were in the 70s. The warm temperatures helped the crop make good progress. Producers were busy applying fertilizer and herbicides; issues with dicamba drift in Arkansas were reported. Fields were monitored for a variety of insect pests; treatments were applied as necessary to control outbreaks of plant bugs and, to a lesser extent, aphids. The National Agricultural Statistics Service’s Crop Progress report for week ending June 18, squaring reached 60 percent in Arkansas, 14 in Missouri, and 23 percent in Tennessee. South Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was light. Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Tropical Storm Cindy made landfall along the Gulf Coast on Wednesday, June 21, bringing torrential rain and gale force winds to several states. Up to 7 inches of rain were reported in Mississippi and Louisiana, with flood warnings and states of emergency in effect throughout the affected area. Cotton fields along the storm’s path were at risk from flooding; however, damage to squaring cotton plants was not expected to be too pronounced at this stage of crop development, even in early-planted fields. Daytime temperatures were in the 80s to 90s. Overnight lows were in the 60s to 70s. The crop made good progress. Fieldwork included the application of fertilizer and weed control measures. Issues with crop damage from dicamba drift were reported in Mississippi. The population levels of aphids and plant bugs were carefully monitored. Chemicals were applied as necessary to control outbreaks. According to the National Agricultural Statistics Service’s Crop Progress report for week ending June 18, squaring reached 54 percent in Louisiana and 25 percent in Mississippi. Southwestern Markets East Texas-Oklahoma Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was very 2
Regional Summaries light. Average local spot prices were lower. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were heavy. Interest was best from China, Indonesia, and Vietnam. In the Rio Grande Valley, the crop matured and some fields were irrigated. Bolls were present on the lower and upper branches. Some bolls had begun to crack open. Boll openers and pre-harvest chemicals were applied on some earlier-planted fields, according to local reports. Plants were blooming in the Upper Coast and Coastal Bend. Experts monitored for plant pests including stink bugs and bollworms. In the Blackland Prairies, the crop advanced. A few beneficial showers brought moisture to some stands. Producers sprayed for weeds, and applied plant growth regulators. Insect pressure was light. In Kansas, the cotton condition was rated 79 percent good and 89 percent was planted, according to the National Agricultural Statistics Service’s Crop Progress report for week ending June 18. Stands had begun to square. In Oklahoma, final planting was underway. Some stands had begun to square. Producers monitored for insect infestations. West Texas Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was very light. Average local spot prices were lower. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were heavy. Interest was best from China, Indonesia, and Vietnam. Irrigated stands advanced. Dry, windy conditions prevailed and some dryland stands struggled to progress with daytime highs in the upper 80s to a record setting 112 degrees in Lubbock on June 17. A light rain on June 22 helped dryland acreage alleviate heat stress. Spotty storms brought around one-tenth to three-fourths of an inch of moisture to some areas. Irrigation helped where it was available. Replanting was underway. Planting deadlines for full insurance eligibility expired on June 20 for counties east of the Caprock. Planting is virtually completed other than replanting activities. Producers continued to control weeds through cultivation and spraying. Hoe crews were active in the fields removing weed escapes. Treatments were applied for thrips and other plant pests. Some panhandle areas had begun to monitor for grasshoppers. Meetings were held. Western Markets Desert Southwest (DSW) Spot cotton trading was inactive. Supplies and demand were light. Average local prices were lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Daytime high temperatures were in the high 110s, with a one-day high of 119 degrees on June 20 in central Arizona. Nighttime lows were in the high 70s to mid-80s, giving cotton plants little time to rest. Some fields exhibited signs of heat stress. Some producers irrigated the crop to minimize stress. Producers monitored for insect pests. Heat advisories were posted throughout New Mexico and El Paso, Texas. The crop made good progress. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies were moderate. Demand was light. Average local spot prices were lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Daytime high temperatures were in the high 100s, with several locations reaching 110 degrees in the period. Flooding concerns were renewed as triple-digit heat continues, rivers were overwhelmed with rushing snowmelt. Sources reported levees were holding in agricultural areas, but some locales were evacuated as rising water encroached through homes and businesses located near the Kings River. The heat certainly helped the crop catch up. Although plant development varied throughout the SJV; blooming was reported in the earliest-planted fields. Producers irrigated to combat heat stress and monitored for insect pests. The California State Department of Agriculture Pink Bollworm program had mapped approximately 291,648 acres of cotton in California as of June 20. The Department did not report the number of acres of Upland planted, but local experts estimated that about 25 percent was Upland cotton. 3
Regional Summaries American Pima (AP) Spot cotton trading was inactive. Supplies were light. Demand was good. Average local spot prices were steady. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were moderate for 2017-crop cotton. Extremely hot, dry conditions continued in the far west. Excessive heat warnings and heat advisories were posted for Arizona, California, New Mexico, and El Paso, Texas as triple-digit temperatures were recorded in the period. Producers managed heat stress with timely irrigations. The heat allowed the crop to rapidly advance. Boll-setting was good in Yuma, Arizona. First blooms were reported in the San Joaquin Valley in the earliest-planted fields. The extreme temperatures increased snowmelt and overwhelmed rivers and creeks. Sources reported levees were holding in agricultural areas, but some locales were evacuated as rising water encroached through homes and businesses located near Kings River. The California State Department of Agriculture Pink Bollworm program had mapped approximately 291,648 acres of cotton in California as of June 20. The Department did not report the number of acres of AP planted, but local experts estimated that about 75 percent was AP cotton. The crop made good progress in New Mexico and El Paso, Texas. Textile Mill Domestic mill buyers inquired for a moderate volume of 2017-crop cotton, color 51 and better, leaf 5 and better, and staple mostly 34 and longer for November/December delivery. Mill buyers also inquired for a moderate volume of 2017-crop cotton, color 41, leaf 4, and staple 34 for January through December 2018 delivery. No sales were reported. Domestic cotton shippers were reluctant to offer a significant volume of lower grade qualities for sale this early in the growing season. Most mills have covered their nearby raw cotton needs. Finished product demand was lackluster. Most mills operated four to seven days. Demand through export channels was moderate, but had improved due to lower ICE futures prices. Agents for mills throughout the Far East inquired for any discounted styles of cotton.
4
Regional Price Information
Southeastern Markets
No trading activity was reported.
South Central Markets
North Delta
No trading activity was reported. South Delta No trading activity was reported.
Southwestern Markets
East Texas In Kansas and Oklahoma, mixed lots containing a light volume of mostly color 23 and better, leaf 3 and better, staple 35 and 36, mike 35-47, strength 29-32, uniformity 79-82, and 25 percent extraneous matter sold for 65.25 to 73.00 cents per pound, FOB car/truck (compression charges not paid). West Texas A mixed lot containing a light volume of mostly color 31 and better, leaf 3 and better, staple 36 and longer, mike 35-49, strength 26-32, uniformity 77-83, and 25 percent extraneous matter sold for around 65.25 cents per pound, FOB car/truck (compression charges not paid).
Western Markets
Desert Southwest No trading activity was reported. San Joaquin Valley No trading activity was reported. American Pima No trading activity was reported.
5
Number of Bales in Certificated Stocks Stocks as of 6-22-2017
Awaiting Review
Non-Rain Grown Cotton
41,166
0
0
Galveston, TX
143,540
0
22
Greenville, SC
3,749
0
0
241
0
0
Delivery Points Dallas/FT. Worth, TX
Houston, TX Memphis, TN
302,201
3,742
352
Total
490,897
3,742
374
Source: USDA, AMS and ICE U. S. Futures
Market
Average Price for 41-4-34 Fri Mon Tue Wed 16-Jun 19-Jun 20-Jun 21-Jun
Thu 22-Jun
SE ND SD ETX WTX DSW
71.13 70.38 70.38 69.00 69.00 66.38
69.61 68.86 68.86 68.00 68.00 64.86
68.29 67.54 67.54 67.50 67.50 63.54
67.52 66.77 66.77 66.75 66.75 62.77
67.28 66.53 66.53 66.50 66.50 62.53
SJV
67.38
65.86
64.54
63.77
63.53
7-Mkt Avg
69.09
67.72
66.64
65.87
65.63
Market SE ND SD ETX WTX DSW SJV 7-Mkt Avg
Source: USDA, AMS, Cotton and Tobacco Program
Market
Average Price for 31-3-35 Fri Mon Tue Wed 16-Jun 19-Jun 20-Jun 21-Jun 72.38 71.63 71.63 70.50 70.50 70.38 76.28 71.90
70.86 70.11 70.11 69.50 69.50 68.86 74.76 70.53
69.54 68.79 68.79 69.00 69.00 67.54 73.44 69.44
68.77 68.02 68.02 68.25 68.25 66.77 72.67 68.68
Thu 22-Jun 68.53 67.78 67.78 68.00 68.00 66.53 72.43 68.44
Source: USDA, AMS, Cotton and Tobacco Program
Spot Transactions Fri Mon Tue 16-Jun 19-Jun 20-Jun
Wed 21-Jun
Thu 22-Jun
Upland SE ND SD ETX WTX DSW SJV
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 350 419 0 0
Total
0
0
0
0
769
Pima
0
0
0
0
0
Source: USDA, AMS, Cotton and Tobacco Program 6
31-3 66.78 68.03 68.53 70.03
SOUTHEAST 41-4 51-5 65.28 61.78 67.28 62.78 67.78 63.28 69.53 63.53
21-2 63.50 64.00 65.75 67.25 68.75 69.50 70.25 70.25
42-4 63.03 64.53 64.53 64.78
Spot quotations are in cents per pound for cotton equal to the Official Standards, net weight, in mixed lots, compressed, FOB car/truck. NORTH DELTA SOUTH DELTA 31-3 41-4 51-5 42-4 Staple 31-3 41-4 51-5 65.53 63.78 59.28 62.03 33 65.53 63.78 59.28 67.28 66.53 60.78 62.78 34 67.28 66.53 60.78 67.78 67.03 61.78 63.53 35 67.78 67.03 61.78 70.03 68.28 62.03 63.53 36 70.03 68.28 62.03
EAST TEXAS-OKLAHOMA 31-3 41-4 62.75 61.25 63.50 62.75 65.50 63.75 67.25 66.50 68.00 66.50 68.25 67.00 68.50 67.25 68.50 68.50
42-4 60.25 61.25 62.00 65.50 65.50 65.75 65.75 65.75
21-2 63.75 64.75 66.75 67.25 69.25 69.50 70.25 70.25
WEST TEXAS 31-3 41-4 62.25 60.50 64.00 62.50 65.75 63.25 66.50 66.50 68.00 66.50 68.75 67.25 69.25 67.75 69.50 68.50
42-4 59.50 61.25 62.25 64.25 65.00 66.75 66.75 66.75
Staple 26-31 32 33 34 35 36 37 38
21-2
67.68 73.93 77.43 78.93 81.18
42-4 62.03 62.78 63.53 63.78
21-2 61.53 63.78 68.03 68.63
SAN JOAQUIN VALLEY 31-3 41-4
66.18 72.43 75.93 77.18 78.93
63.53 65.53 66.33 66.43 66.43
DESERT SOUTHWEST 31-3 41-4 60.78 56.28 63.03 62.53 66.53 62.78 67.88 62.88
51-5 54.53 55.03 56.78 57.03
32-3
63.03 65.53 66.28 66.78 67.78
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
LANDED MILL QUOTATIONS - GROUP 201 MILL POINTS Cents per pound, even running lots, mike 35-49, strength 23.5 or more grams per tex, net weight, prompt shipment, delivered brokerage included. Quotations for group 200 mill points are slightly higher and for Alabama, Georgia and east Tennessee mills are slightly lower. 31-3
NQ NQ NQ
SE GROWTH AREA 41-4 51-5
NQ NQ NQ
NQ--No quote available
NQ NQ NQ
42-4
31-3
NQ NQ NQ
NQ NQ NQ
DELTA GROWTH AREA 41-4 51-5
NQ NQ NQ
NQ NQ NQ
42-4
NQ NQ NQ
Staple 31 32 33 34 35 36
31-3 NQ NQ NQ NQ
TX-OK GROWTH AREA 41-4 32-3 NQ NQ NQ NQ NQ NQ NQ NQ
42-4 NQ NQ NQ NQ
SJV GROWTH AREA 31-3 41-4 51-5
NQ NQ NQ
NQ NQ NQ
NQ NQ NQ June 22, 2017
7
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 Description
May
May 26
June
June
June
June
19-25
June 1
2-8
9-15
16-22
23-29
Adjusted world price 1/
72.44
69.25
68.43
68.03
67.31
64.60
Coarse 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
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. ICE futures contract settlement, designated spot market average for color 41, leaf 4, staple 34, and Far Eastern 'A' Index Color 41, Leaf 4, Staple 34 Date
Far Eastern
Futures Settlement
7-Market
A Index 1/
Jul-17
Oct-17
Dec-17
Mar-18
May-18
Jul-18
Average
Current
Forward
June 16
71.88
70.86
69.36
69.42
69.89
70.33
69.09
83.40
79.40
June 19
71.39
70.36
69.04
68.92
69.34
69.71
67.72
83.40
79.40
June 20
71.35
69.04
68.97
68.91
69.35
69.75
66.64
83.00
79.10
June 21
70.89
68.27
68.17
68.11
68.54
68.93
65.87
83.00
79.10
June 22
71.14
68.03
66.74
66.67
67.23
67.72
65.63
82.60
78.35
1/ Far Eastern A Index furnished by Cotton Outlook of Liverpool. Color 41, Leaf 4, Staple 34 Cents per Pound
7-Market
Date
Southeast
North Delta
South Delta
East TX/OK
West Texas
Desert SW
SJ Valley
Average
June 16
71.13
70.38
70.38
69.00
69.00
66.38
67.38
69.09
June 19
69.61
68.86
68.86
68.00
68.00
64.86
65.86
67.72
June 20
68.29
67.54
67.54
67.50
67.50
63.54
64.54
66.64
June 21
67.52
66.77
66.77
66.75
66.75
62.77
63.77
65.87
June 22
67.28
66.53
66.53
66.50
66.50
62.53
63.53
65.63
Source: USDA, AMS, Cotton and Tobacco Program, Cotton Market News. Marketing Years Description
2015-2016
2016-2017
Through June 16, 2016
Through June 15, 2017
Week
Mkt. Year
Week
Outstanding sales
-
1,546,600
-
2,013,600
Exports
165,100
7,054,200
259,400
12,090,800
Total export commitments
Mkt. Year
-
8,600,800
-
14,104,400
New sales
176,100
-
216,700
-
Buy-backs and cancellations
6,100
-
49,200
-
170,000
-
167,500
-
96,700
1,672,500
426,800
3,829,000
Net sales Sales next marketing year
Net upland sales of 167,500 RB for 2016/2017 were up noticeably from the previous week and from the prior 4-week average. Increases were reported for Vietnam (101,300 RB, including 900 RB switched from Taiwan, 3,800 RB switched from Japan, and decreases of 8,400 RB), India (18,800 RB, including 5,200 RB switched from Taiwan and decreases of 500 RB), Indonesia (17,100 RB, including 2,400 RB switched from Japan), and Mexico (14,900 RB). Reductions were reported for Taiwan (6,300 RB), South Korea (6,200 RB), and Japan (2,400 RB). For 2017/2018, net sales of 426,800 RB were reported primarily for Vietnam (156,900 RB), China (145,200 RB), Indonesia (53,900 RB), and Thailand (21,100 RB). Exports of 259,400 RB were up 11 percent from the previous week, but down 17 percent from the prior 4-week average. The primary destinations were Vietnam (58,300 RB), Turkey (58,200 RB), Indonesia (30,500 RB), China (24,200 RB), and India (21,900 RB). Net sales of Pima totaling 9,500 RB for 2016/2017 were up noticeably from the previous week and from the prior 4-week average. Increases were for India (5,300 RB), China (3,100 RB), and Japan (900 RB). For 2017/2018, net sales of 48,500 RB were reported for China (20,200 RB), India (18,100 RB), Vietnam (6,500 RB), and Egypt (1,800 RB). Exports of 6,900 RB were down 45 percent from the previous week and 38 percent from the prior 4-week average. The destinations were primarily China (2,000 RB), India (1,700 RB), Indonesia (1,000 RB), and Austria (900 RB). Exports for Own Account: New exports for own account were reported to Vietnam (15,200 RB), Indonesia (7,300 RB), Taiwan (1,100 RB), and Thailand (400 RB). Exports to Vietnam (28,500 RB), Bangladesh (3,300 RB), Taiwan (1,100 RB), India (600 RB), and Vietnam (400 RB) were applied to new or outstanding sales. Decreases were reported for Indonesia (1,900 RB). The current outstanding balance of 110,600 RB is for Indonesia (71,900 RB), Taiwan (14,400 RB), Vietnam (7,200 RB), India (5,500 RB), South Korea (5,100 RB), Bangladesh (3,200 RB), Thailand (1,900 RB), China (900 RB), and Pakistan (500 RB). Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
June 22, 2017
8
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
138.50
146.50
147.75
2
138.25
146.25
147.50
3
130.50
137.50
137.75
1
138.25
146.25
147.50
2
138.00
146.00
147.25
3
130.25
137.25
137.50
4
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on February 3, 2017.
5 6 2
4
120.25
127.75
128.00
5 6 3
Mike Range
Diff.
26 & Below
-1900
27-29
-1400
1
128.00
135.00
135.25
30-32
-900
2
125.50
132.50
132.75
33-34
-400
3
124.25
131.25
131.50
35 & Above
0
4
115.25
122.25
122.50
5
99.25
105.75
106.00 Strength
6 4
1
109.00
116.00
117.00
2
108.75
115.75
116.25
Range
Diff.
3
108.50
115.50
115.50
35.4 & Below
-1350
4
103.50
110.50
110.50
35.5-36.4
-1100
5
92.25
99.25
99.25
36.5-37.4
-850
37.5 & Above
0
6 5
6
(Grams per Tex)
1 2
88.00
97.25
97.25
3
88.00
96.75
97.25
4
88.00
91.25
91.25
5
87.75
91.00
91.00
Extraneous Matter
6
Level
1
Prep
2
80.25
82.50
82.50
3
80.25
82.50
82.50
1 2
4
80.25
82.50
82.50
Other
Diff. -810 -1095
5
80.00 82.25 82.25 1 -715 2 6 79.50 81.75 81.75 -1035 1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
June 22, 2017
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