Weekly Cotton Market Review
Mp_cn812
Weekly Cotton Market Review
Cotton and Tobacco Program Cotton Market News Division 3275 Appling Road Memphis, TN 38133 901.384.3016
Vol. 99 No. 29 February 23, 2018 Inside this Issue Market Overview Price Support Spot Quotations
ICE Futures
Average quotations were 156 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 75.25 cents per pound for the week ending Thursday, February 22, 2018. The weekly average was up from 73.69 last week and 71.99 cents reported the corresponding period a year ago. Daily average quotations ranged from a low of 73.47 cents Friday, February 16 to a high of 76.53 cents Wednesday, February 21. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended February 22 totaled 83,744 bales. This compares to 54,051 bales reported last week and 26,991 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 1,478,507 bales compared to 1,328,732 bales the corresponding week a year ago. The ICE May settlement prices ended the week at 79.47 cents, compared to 76.77 cents last week.
A Index Southeastern Textile Mill Report South Central Southwestern Western 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 slow. Supplies and producer offerings were moderate. Demand was moderate. Average local spot prices were higher. Trading of CCC-loan equities was inactive. Mostly cloudy conditions prevailed across the entire Southeastern region during the period. Unseasonably warm daytime high temperatures in the mid-70s to low 80s prevailed across the lower Southeast. Over the weekend, daytime high temperatures dipped into the low to mid-50s across the Carolinas and Virginia as a cold front entered the region, but temperatures warmed into the 70s again late week. Scattered precipitation was observed throughout the region, but rainfall totals were minimal. Weekly accumulated precipitation totals measured around one-quarter of an inch in most locales. Locally heavier accumulations of one-half to one inch of measurable moisture was observed in portions of northwest Alabama and the eastern region of Virginia. Abnormally dry to moderate drought conditions expanded in areas of southeast Georgia, due to seasonal rainfall deficits, according to the U.S.
Drought Monitor. Abnormally dry and moderate drought conditions were reduced in areas of Alabama and Virginia, due to the moisture received in recent weeks. Fieldwork was limited. Producers attended regional meetings and workshops. Ginning was winding down throughout the region; a few gins in north Alabama and Georgia continued daily operations processing modules. Textile Mill Domestic mill buyers inquired for a moderate volume of color 41, leaf 4, and staple 34 for May through December delivery. No sales were reported. Most mills have covered their immediate-to-nearby raw cotton needs. Yarn demand was moderate. Demand through export channels was moderate. Demand was good throughout the Far East for any discounted styles of cotton. Inquiries continued for low mike cotton throughout the Pacific Rim as mills run production tests to determine how these qualities will perform in plants.
Trading
A heavy volume of color mostly 31 and 41, leaf 2-5, staple 33 and longer, mike 43-52, strength 27-30, and uniformity 80-82 sold for around 81.25 cents per pound, FOB car/truck (Rule 5, compression charges paid). Mixed lots containing color 53 and better, leaf 5 and better, staple 34 and longer, mike 37-49, strength 27-30, and uniformity 80-82 sold for around 73.00 cents, same terms as above. A heavy volume of color 41 and 51, leaf mostly 3 and 4, staple 36 and longer, mike 43-49, strength 28-30, and uniformity 80-82 sold for around 81.00 cents, FOB car/truck, Georgia terms (Rule 5, compression charges paid, 30 days free storage). Mixed lots containing color mostly 31 and 41, leaf 2-4, staple mostly 34-36, mike 43-49, strength 27-29, and uniformity 79-81 sold for around 78.75 cents, same terms as above.
2
South Central Markets Regional Summary
Jeff Carnahan Memphis, TN [email protected]
North Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was light. Average local spot prices were higher. Trading of CCC-loan equities was inactive. No forward contracting was reported. Cotton was being delivered to fulfill contracts. Some warehouses reported delays, due to a shortage of trucks. A strong flow of warm, moisture-laden air from the Gulf of Mexico resulted in heavy rain showers that are expected to continue into next week. Approximately 3 inches of rain was reported in most places, while localized areas received up to 5 inches. Flood watches were in effect throughout the region. Temperatures were in the 50s to 70s. Overnight lows were in the 40s and 50s. Producers attended, or made plans to attend, various industry economic and agronomic workshops and meetings. According to the U.S. Drought Monitor, soil moisture levels have improved greatly in the cotton-producing areas of the region; areas of abnormal dryness-to-moderate drought persist from central Arkansas into Missouri. Producers were considering their planting options and preparing to book seed accordingly.
South Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was light. Average local spot prices were higher. Trading of CCC-loan equities was inactive. No forward contracting was reported. Cotton was being delivered to fulfill contracts. A few warehouses reported minor delays, due to a shortage of trucks. An extended storm front brought widely varying temperatures to the region during the week. Daytime temperatures were in the low 40s to the upper 70s. Overnight lows were in the 30s to 60s. Moisture-laden air from the south brought rain storms of varying intensity, which moved through the territory throughout the week. Approximately 3 inches of rain was reported in most places, while localized downpours brought up to 6 inches or more. River flood watches were in effect throughout the region. Producers attended, or made plans to attend, various industry workshops and meetings that included topics in areas of agronomic and economic interest to producers. According to the U.S. Drought Monitor, areas of abnormal dryness-to-moderate drought in northeastern Louisiana and parts of Mississippi persist, in spite of up to 6 inches of rain accumulations over the past two weeks. Producers were considering their planting options and some were purchasing seed to meet their needs.
Trading No trading activity was reported. No trading activity was reported.
North Delta South Delta
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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 moderate. Average local spot prices were firm. Producer interest in forward contracting was moderate. Trading of CCC-loan equities was active. Foreign inquiries were light. Planting expanded in the Rio Grande Valley with daytime temperature highs in the upper 70s to upper 80s. Local experts reported that some stands had emerged and were in the cotyledon stage. Fields near the coast in Cameron County were wet and soggy; therefore, planting was expected to be delayed a few weeks. Fields in the Coastal Bend and Upper Coastal Counties were soft from rainfall and field preparations were halted. Widespread rainfall of up to 5 inches was received in the Blackland Prairies and in eastern Texas, which hindered field preparations. Seed was booked ahead of planting. All gins in Kansas and Oklahoma continued providing pressing services. Outside weather conditions in Kansas were characterized by ice, sleet, and rain with daytime temperature highs in the low-to-high 30s and overnight lows in the teens to mid-20s. Daytime temperature highs in Oklahoma were in the low 40s to mid-60s, and nighttime lows were in the low to mid-30s. Modules were transported from fields to the gin yards as space became available. The National Cotton Council held regional webinars across the cotton belt presenting the new commodity provision for Seed Cotton contained in the revised Agriculture Act of 2014. Associations, cooperatives, and gins hosted events during the sessions for producers to attend and participate in the teleconferences and webinars. Producers were encouraged by the revisions to the Agricultural Act of 2014, which is also known as the 2014 Farm Bill.
West Texas Spot cotton trading was active. Supplies and producer offerings were moderate. Demand was moderate. Average local spot prices were firm. Producer interest in forward contracting was light. Trading of CCC-loan equities was active. Foreign inquiries were light. Daytime temperature highs were in the upper 20s to low 70s, and nighttime lows were in the single digits to upper 30s. Fieldwork was active ahead of the cold front that moved into the region on February 20 and 21, which brought sleet, freezing drizzle, and icy road conditions. Evening shift work was cancelled at the Abilene Classing Office on February 21, and the daytime shift in the Lubbock Classing Office had a delayed start, due to inclement weather. Lamesa received precipitation for the first time since last October in the form of ice, sleet, and rain. According to local producer reports, fields have been chiseled. Fertilizer and some herbicides have been applied. Ginning is winding down and more gins reported that they had ginned the last bale of the 2017-season. A few gins reported that they were 30 to 40 days from finishing the season. Approximately 50 percent of the gins in the Southern Rolling Plains had completed operations. Sample receipts continued to decline at the Abilene, Lamesa, and Lubbock Classing Offices. The National Cotton Council held regional webinars across the cotton belt presenting the new commodity provision for Seed Cotton contained in the revised Agriculture Act of 2014. Associations, cooperatives, and gins hosted events during the sessions for producers to attend and participate in the teleconferences and webinars.
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Southwestern Markets Regional Summary
Jane Byers-Angle Lubbock, TX [email protected]
Trading
East Texas In Oklahoma, a heavy volume of mostly color 21 and 31, leaf 3 and better, staple 36 and longer, mike 34-48, strength 27-34, and uniformity 77-83 sold for around 79.50 cents per pound, FOB car/truck (compression charges not paid). A heavy volume of color 31 and better, leaf 4 and better, staple mostly 38 and 39, mike averaging 46.2, strength 27-31, and uniformity 80-81 sold for around 76.85 cents, same terms as above. A heavy volume of mostly color 21, leaf 3 and better, staple 34 and 35, mike 34-48, strength 26-31, uniformity 77-82, and 25 percent extraneous matter sold for around 72.25 cents, same terms as above. In Kansas, a light volume of mostly color 32 and better, leaf 2 and 3, staple 35 and 36, mike 35-41, strength 29-30, uniformity 79-80, and 50 percent extraneous matter sold for around 73.00 cents, same terms as above. A heavy volume of CCC-loan equities traded for 17.75 to 20.75 cents. West Texas A moderate volume of mostly color 21, leaf 1 and 2, staple mostly 37, mike 41-43, strength 26-28, and uniformity 78-80 sold for around 76.00 cents per pound, FOB car/truck (compression charges not paid). A heavy volume of color 31 and better, leaf 3 and better, staple 33-36, mike 28-43, strength 25-31, and uniformity 77-80 sold for around 70.50 cents, same terms as above. A heavy volume of color 31 and 41, leaf 4 and better, staple 32-35, mike 33-38, strength 24-29, uniformity 75-81, and 25 percent extraneous matter sold for around 69.75 cents, same terms as above. A heavy volume of mostly color 22 and better, leaf 3 and better, staple 35 and longer, mike 25-32, strength 25-30, uniformity 77-80, and 50 percent extraneous matter sold for around 55.25 cents, same terms as above. A heavy volume of CCC-loan equities traded for around 17.75 to 20.75 cents.
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Western Markets Regional Summary
Maria Townsend Visalia, CA [email protected]
Desert Southwest (DSW) Spot cotton trading was active. Supplies and producer offerings were moderate. Demand was moderate. Average local spot prices were higher. Producers delivered 2017-crop cotton to the co-op, merchant marketing pools, or into the CCC-loan program. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. A cold front brought strong winds and chilly temperatures back to the DSW. Daytime temperatures were in the 70s early in the period and dropped into the low 60s mid-week in Yuma, AZ. Overnight lows were in the mid-50s to high 40s. The colder temperatures halted planting activities. Local sources reported approximately 20 percent of the crop has been planted in Yuma. Ginning continued in central Arizona. Fieldwork was active. New Mexico and El Paso, TX producers prepared fields for planting. Sources reported that the Elephant Butte Irrigation District intends to make water available for pre-plant irrigation sometime in early May. An initial allotment of 8 inches was approved. Limited snowpack and dry conditions remain a concern. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies were light. Demand was moderate. Average local spot prices were higher. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Freeze warnings were issued across much of California as a cold front brought strong winds and freezing temperatures back to the Valley. Snow showers were produced once the cold front hit the
Sierra Nevada Mountain range. Snow flurries were reported in elevations less than 3,000 feet, even the coastal range to the West received a light dusting of snow. Daytime high temperatures dropped into the low 50s and nighttime lows were in the 30s. Ginning was virtually completed. On February 20, the U.S. Bureau of Reclamation announced a 20 percent water allocation from the Central Valley Project to west side growers. The overall Sierra Nevada Mountain water content stands at 4.6 inches, according to the California Department of Water Resources. All regions of the Sierra Nevada Mountains are below normal snowpack. Producers and ginners attended regional meetings. American Pima (AP) Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was moderate. Average local spot prices were steady. No forward contracting or domestic mill activity was reported. Producers inquired for 2018-crop contracts. No contracts were signed. Foreign mill inquiries were light and mostly for 2018-crop price discovery. According to the Foreign Agricultural Service Export Sales report, approximately 520,800 bales of 2017-crop AP was committed for the week ending February 15. Freezing temperatures entered the Far West region mid-week. Daytime highs were in the 50s and 60s. Overnight lows were in the 30s and 40s. No rainfall was recorded in the period. Fieldwork was active. Ginning continued in Arizona and California. Planted was stopped in Yuma, AZ as soil temperatures were chilled. Producers and ginners attended regional meetings.
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Western Markets Regional Summary
Maria Townsend Visalia, CA [email protected]
Trading
Desert Southwest In Arizona, a heavy volume of color 21, leaf 2, and staple 36 and longer, with mike 35-49 sold for around 100 points on ICE May futures, uncompressed, FOB warehouse. In New Mexico, a light volume of color 31 and 41, leaf 2 and 3, staple 35 and 36, mike 37-40, strength averaging 29.5, and uniformity averaging 79.5 sold for around 73.00 cents per pound, FOB car/truck (compression charges not paid). A moderate volume of mostly color 31 and better, leaf 3 and better, staple 32-35, mike averaging 39.0, strength averaging 27.5, and uniformity averaging 79.8 sold for 70.00 to 71.50 cents, same terms as above. Mixed lots containing color 52 and better, leaf mostly 4-7, staple 34 and 35, mike 40-47, strength 25-27, uniformity 78-80, with 100 percent extraneous matter (a combination of bark and grass) sold for around 62.50 cents, same terms as above. A light volume of CCC-loan equities sold for around 20.50 cents.
No trading activity was reported. No trading activity was reported.
San Joaquin Valley American Pima
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2017 Crop Quality Southeast Quality Summary 2017-Crop Region Southeast
Classing Office Florence Macon Memphis Southeast
Bales 1,349,332 2,814,423 261,476 4,425,231
Color Grade 41 31 41 31
Leaf Grade 3 3 4 3
Trash 0.45 0.37 0.55 0.40
Mike 4.53 4.41 4.17 4.43
Staple 36.47 36.63 37.55 36.64
Strength 30.21 29.27 30.13 29.61
Uniformity 81.83 81.82 82.04 81.83
Number of Gins 53 79 14 146
Uniformity 81.89 82.25 81.47
Number Of Gins 41 76 19
South Central Quality Summary 2017-Crop Region South Central
Classing Office Dumas Memphis Rayville
Bales 1,289,618 2,490,945 431,218
Color Grade 31 41 31
Leaf Grade 4 4 3
Trash 0.49 0.50 0.43
Mike 4.37 4.35 4.53
Staple 37.87 37.69 37.10
Strength 31.66 30.57 31.30
South Central
4,211,781
31
4
0.49
4.37
37.68
30.98
Staple 35.74 36.05 35.13 36.02 35.82
Strength 29.36 30.02 28.89 29.54 29.51
82.06
136
Southwest Quality Summary 2017-Crop Region Southwest
Classing Office Abilene Corpus Christi Lamesa Lubbock Southwest
Bales 1,612,339 2,308,339 1,678,059 3,717,011 9,336,325
Color Grade 21 31 21 21 21
Leaf Grade 2 3 2 3 3
Trash 0.27 0.34 0.26 0.28 0.29
Mike 3.95 4.49 3.76 3.24 3.76
Uniformity 80.11 81.12 79.41 79.56 80.02
Number Of Gins 42 59 39 73 215
Uniformity 81.40 81.40 86.09 86.18
Number Of Gins 37 37 2 24
Far West and American Pima Quality Summary 2017-Crop Classing Office Visalia Far West PIMA - Southwest Visalia PIMA - Far West Visalia
Region Far West
Bales 676,652 676,652 23,556 645,694
Color Grade 21 21 1 1
Leaf Grade 2 2 2 2
Trash 0.20 0.20 0.31 0.26
Mike 4.34 4.34 4.08 4.13
Staple 37.24 37.24 47.84 49.14
Strength 32.36 32.36 42.25 43.50
United States Quality Summary 2017-Crop United States Upland United States Pima
18,649,989 669,250
31 1
3 2
0.36 0.26
4.08 4.13
36.49 49.09
29.97 43.45
80.96 86.18
534 26
Source: USDA, AMS, Cotton and Tobacco Program For complete Quality reports 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 2017-2018 Jan
Jan 26
Feb
Feb
Feb
Feb 23
19-25
Feb 01
02-08
09-15
16-22
March 1
Adjusted world price 1/
74.45
75.30
71.35
69.45
69.15
69.69
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
0.42
0.45
0.58
0.55
0.52
0.51
Fine count adjustment 2017
0.57
0.60
0.73
0.70
0.67
0.66
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 February 16, 2017
Through February 15, 2018
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
4,623,300
-
7,427,100
Exports
340,600
5,914,300
333,500
5,436,300
-
10,537,600
-
12,863,400
New sales
390,200
-
427,600
-
Buy-backs and cancellations
23,000
-
28,500
-
367,200
-
399,100
-
128,400
999,400
177,200
1,999,900
Total export commitments
Net sales Sales next marketing year
Net sales of 399,100 running bales for 2017/2018 were up 9 percent from the previous week and 40 percent from the prior 4-week average. Increases were reported for China (68,400 RB, including decreases of 3,100 RB), Bangladesh (57,600 RB), Turkey (56,000 RB, including decreases of 6,600 RB), Indonesia (52,400 RB, including 1,100 RB switched from Japan and decreases of 15,800 RB), and Vietnam (40,600 RB, including 2,600 RB switched from South Korea and 1,000 RB switched from China). For 2018/2019, net sales of 177,200 RB primarily for China (97,700 RB) and Bangladesh (83,200 RB), were partially offset by decreases for India (6,600 RB). Exports of 333,500 RB were up 3 percent from the previous week and from the prior 4-week average. The primary destinations were China (64,100 RB), Vietnam (54,800 RB), Pakistan (45,000 RB), Turkey (35,700 RB), and Indonesia (27,800 RB). Net sales of Pima totaling 3,600 RB for 2017/2018 were up 31 percent from the previous week, but down 42 percent from the prior 4-week average. Increases were reported for India (1,500 RB), China (700 RB), Turkey (700 RB), and Peru (600 RB). Exports of 21,200 RB were up 20 percent from the previous week and 25 percent from the prior 4-week average. The primary destinations were China (11,500 RB), India (5,000 RB), and Pakistan (2,100 RB). Optional Origin Sales: For 2017/2018, the current optional origin outstanding balance is 16,500 RB, all Indonesia. Exports for Own Account: New exports for own account totaling 1,400 RB were reported to Indonesia (1,100 RB) and Turkey (300 RB). Exports to Indonesia (7,900 RB), South Korea (1,300 RB), and Turkey (300 RB) were applied to new or outstanding sales. Decreases totaling 900 RB were reported for Vietnam. The current outstanding balance of 12,100 RB is for Indonesia (4,800 RB), China (3,800 RB), Vietnam (2,700 RB), Bangladesh (500 RB), and Turkey (300 RB).
Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
February 22, 2018
9
Number of Bales in Certificated Stocks Stocks as of 2-22-2018
Awaiting Review
Non-Rain Grown Cotton
Dallas/FT. Worth, TX
9,355
0
0
Galveston, TX
50,285
1,600
0
Greenville, SC
37
0
0
Houston, TX
7
0
0
Memphis, TN
33,704
0
0
Total
93,388
1,600
0
Delivery Points
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 78.97 80.72 81.72 83.22
SOUTHEAST 41-4 51-5 77.47 73.97 79.47 74.97 80.97 75.47 81.22 75.72 21-2 70.50 71.00 72.75 75.00 76.25 77.75 78.00 78.25
42-4 75.22 76.72 76.72 76.97
31-3 76.47 78.22 79.22 81.47
EAST TEXAS-OKLAHOMA 31-3 41-4 69.75 68.25 70.50 69.75 72.50 70.75 74.00 73.50 75.25 73.50 76.50 74.50 77.00 74.75 77.25 77.25
NORTH DELTA 41-4 51-5 74.72 70.22 77.47 72.22 77.47 72.72 78.72 72.97 42-4 67.25 68.25 69.00 72.50 72.50 73.25 73.25 73.25
21-2 70.50 71.50 73.50 73.75 75.75 76.25 76.75 77.00
42-4 72.97 73.72 74.47 74.47
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 68.50 66.75 70.25 68.75 72.25 69.50 73.00 72.75 74.75 72.75 75.75 73.75 76.25 74.00 76.50 76.50
42-4 66.00 67.75 68.75 70.75 71.50 73.25 73.25 73.25
SOUTH DELTA 41-4 51-5 74.72 70.22 77.47 72.22 77.47 72.72 78.72 72.97
31-3 76.47 78.22 79.22 81.47
Staple 26-31 32 33 34 35 36 37 38
21-2
79.12 85.37 88.87 90.37 92.62
42-4 72.97 73.72 74.47 74.72
21-2 73.47 75.72 79.97 81.07
SAN JOAQUIN VALLEY 31-3 41-4
77.62 83.87 87.37 88.62 90.37
74.97 76.97 77.77 77.87 77.87
DESERT SOUTHWEST 31-3 41-4 72.72 68.22 74.97 74.47 78.47 74.72 80.07 74.82
51-5 66.47 66.97 68.72 68.97
32-3
74.47 76.97 77.72 78.22 79.22
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 -1500 -1375 -1075 -775 -600 0 0 0 -225 -350
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 -1825 -1650 -1275 -925 -700 0 0 0 -225 -350
SW -1350 -1150 -1050 -650 -450 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 -125 -75 78 -95 -60 79 -80 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. -1558 -1183 -975 -611 -379 0 14 0 -271 -396 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. -97 -83 -71 -4 0 7 29 37 47 57
February 22, 2018
10
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
Leaf
Staple 44
46
48
1
1
139.00
147.75
150.25
2
138.75
147.50
150.00
3
131.00
138.75
140.25
1
138.75
147.50
150.00
2
138.50
147.25
149.75
3
130.75
138.50
140.00
4
120.75
129.00
130.50
4
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on December 22, 2017.
5 6 2
5 6 3
Mike Range
Diff.
26 & Below
-1900
27-29
-1400
30-32
-900
1
128.50
136.25
137.75
2
126.00
133.75
135.25
33-34
-400
3
124.75
132.50
134.00
35 & Above
0
4
115.75
123.50
125.00
5
99.75
107.00
108.50 Strength
6 4
1
109.50
117.25
119.50
2
109.25
117.00
118.75
Range
Diff.
3
109.00
116.75
118.00
35.4 & Below
-1350
4
104.00
111.75
113.00
35.5-36.4
-1100
5
92.75
100.50
101.75
36.5-37.4
-850
37.5 & Above
0
6 5
1 2
88.50
98.50
99.75
3
88.50
98.00
99.75
4
88.50
92.50
93.75
5
88.25
92.25
93.50
6 6
(Grams per Tex)
Extraneous Matter Level
Diff.
Prep
1 2
80.75
83.75
85.00
3
80.75
83.75
85.00
1 2
4
80.75
83.75
85.00
Other
5
80.50
83.50
84.75
1 2
-810 -1095 -715
6 80.00 83.00 84.25 -1035 1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
February 22, 2018
11
Weekly Cotton Market Review
Cotton and Tobacco Program Cotton Market News Division 3275 Appling Road Memphis, TN 38133 901.384.3016
Vol. 99 No. 29 February 23, 2018 Inside this Issue Market Overview Price Support Spot Quotations
ICE Futures
Average quotations were 156 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 75.25 cents per pound for the week ending Thursday, February 22, 2018. The weekly average was up from 73.69 last week and 71.99 cents reported the corresponding period a year ago. Daily average quotations ranged from a low of 73.47 cents Friday, February 16 to a high of 76.53 cents Wednesday, February 21. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended February 22 totaled 83,744 bales. This compares to 54,051 bales reported last week and 26,991 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 1,478,507 bales compared to 1,328,732 bales the corresponding week a year ago. The ICE May settlement prices ended the week at 79.47 cents, compared to 76.77 cents last week.
A Index Southeastern Textile Mill Report South Central Southwestern Western 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 slow. Supplies and producer offerings were moderate. Demand was moderate. Average local spot prices were higher. Trading of CCC-loan equities was inactive. Mostly cloudy conditions prevailed across the entire Southeastern region during the period. Unseasonably warm daytime high temperatures in the mid-70s to low 80s prevailed across the lower Southeast. Over the weekend, daytime high temperatures dipped into the low to mid-50s across the Carolinas and Virginia as a cold front entered the region, but temperatures warmed into the 70s again late week. Scattered precipitation was observed throughout the region, but rainfall totals were minimal. Weekly accumulated precipitation totals measured around one-quarter of an inch in most locales. Locally heavier accumulations of one-half to one inch of measurable moisture was observed in portions of northwest Alabama and the eastern region of Virginia. Abnormally dry to moderate drought conditions expanded in areas of southeast Georgia, due to seasonal rainfall deficits, according to the U.S.
Drought Monitor. Abnormally dry and moderate drought conditions were reduced in areas of Alabama and Virginia, due to the moisture received in recent weeks. Fieldwork was limited. Producers attended regional meetings and workshops. Ginning was winding down throughout the region; a few gins in north Alabama and Georgia continued daily operations processing modules. Textile Mill Domestic mill buyers inquired for a moderate volume of color 41, leaf 4, and staple 34 for May through December delivery. No sales were reported. Most mills have covered their immediate-to-nearby raw cotton needs. Yarn demand was moderate. Demand through export channels was moderate. Demand was good throughout the Far East for any discounted styles of cotton. Inquiries continued for low mike cotton throughout the Pacific Rim as mills run production tests to determine how these qualities will perform in plants.
Trading
A heavy volume of color mostly 31 and 41, leaf 2-5, staple 33 and longer, mike 43-52, strength 27-30, and uniformity 80-82 sold for around 81.25 cents per pound, FOB car/truck (Rule 5, compression charges paid). Mixed lots containing color 53 and better, leaf 5 and better, staple 34 and longer, mike 37-49, strength 27-30, and uniformity 80-82 sold for around 73.00 cents, same terms as above. A heavy volume of color 41 and 51, leaf mostly 3 and 4, staple 36 and longer, mike 43-49, strength 28-30, and uniformity 80-82 sold for around 81.00 cents, FOB car/truck, Georgia terms (Rule 5, compression charges paid, 30 days free storage). Mixed lots containing color mostly 31 and 41, leaf 2-4, staple mostly 34-36, mike 43-49, strength 27-29, and uniformity 79-81 sold for around 78.75 cents, same terms as above.
2
South Central Markets Regional Summary
Jeff Carnahan Memphis, TN [email protected]
North Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was light. Average local spot prices were higher. Trading of CCC-loan equities was inactive. No forward contracting was reported. Cotton was being delivered to fulfill contracts. Some warehouses reported delays, due to a shortage of trucks. A strong flow of warm, moisture-laden air from the Gulf of Mexico resulted in heavy rain showers that are expected to continue into next week. Approximately 3 inches of rain was reported in most places, while localized areas received up to 5 inches. Flood watches were in effect throughout the region. Temperatures were in the 50s to 70s. Overnight lows were in the 40s and 50s. Producers attended, or made plans to attend, various industry economic and agronomic workshops and meetings. According to the U.S. Drought Monitor, soil moisture levels have improved greatly in the cotton-producing areas of the region; areas of abnormal dryness-to-moderate drought persist from central Arkansas into Missouri. Producers were considering their planting options and preparing to book seed accordingly.
South Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was light. Average local spot prices were higher. Trading of CCC-loan equities was inactive. No forward contracting was reported. Cotton was being delivered to fulfill contracts. A few warehouses reported minor delays, due to a shortage of trucks. An extended storm front brought widely varying temperatures to the region during the week. Daytime temperatures were in the low 40s to the upper 70s. Overnight lows were in the 30s to 60s. Moisture-laden air from the south brought rain storms of varying intensity, which moved through the territory throughout the week. Approximately 3 inches of rain was reported in most places, while localized downpours brought up to 6 inches or more. River flood watches were in effect throughout the region. Producers attended, or made plans to attend, various industry workshops and meetings that included topics in areas of agronomic and economic interest to producers. According to the U.S. Drought Monitor, areas of abnormal dryness-to-moderate drought in northeastern Louisiana and parts of Mississippi persist, in spite of up to 6 inches of rain accumulations over the past two weeks. Producers were considering their planting options and some were purchasing seed to meet their needs.
Trading No trading activity was reported. No trading activity was reported.
North Delta South Delta
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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 moderate. Average local spot prices were firm. Producer interest in forward contracting was moderate. Trading of CCC-loan equities was active. Foreign inquiries were light. Planting expanded in the Rio Grande Valley with daytime temperature highs in the upper 70s to upper 80s. Local experts reported that some stands had emerged and were in the cotyledon stage. Fields near the coast in Cameron County were wet and soggy; therefore, planting was expected to be delayed a few weeks. Fields in the Coastal Bend and Upper Coastal Counties were soft from rainfall and field preparations were halted. Widespread rainfall of up to 5 inches was received in the Blackland Prairies and in eastern Texas, which hindered field preparations. Seed was booked ahead of planting. All gins in Kansas and Oklahoma continued providing pressing services. Outside weather conditions in Kansas were characterized by ice, sleet, and rain with daytime temperature highs in the low-to-high 30s and overnight lows in the teens to mid-20s. Daytime temperature highs in Oklahoma were in the low 40s to mid-60s, and nighttime lows were in the low to mid-30s. Modules were transported from fields to the gin yards as space became available. The National Cotton Council held regional webinars across the cotton belt presenting the new commodity provision for Seed Cotton contained in the revised Agriculture Act of 2014. Associations, cooperatives, and gins hosted events during the sessions for producers to attend and participate in the teleconferences and webinars. Producers were encouraged by the revisions to the Agricultural Act of 2014, which is also known as the 2014 Farm Bill.
West Texas Spot cotton trading was active. Supplies and producer offerings were moderate. Demand was moderate. Average local spot prices were firm. Producer interest in forward contracting was light. Trading of CCC-loan equities was active. Foreign inquiries were light. Daytime temperature highs were in the upper 20s to low 70s, and nighttime lows were in the single digits to upper 30s. Fieldwork was active ahead of the cold front that moved into the region on February 20 and 21, which brought sleet, freezing drizzle, and icy road conditions. Evening shift work was cancelled at the Abilene Classing Office on February 21, and the daytime shift in the Lubbock Classing Office had a delayed start, due to inclement weather. Lamesa received precipitation for the first time since last October in the form of ice, sleet, and rain. According to local producer reports, fields have been chiseled. Fertilizer and some herbicides have been applied. Ginning is winding down and more gins reported that they had ginned the last bale of the 2017-season. A few gins reported that they were 30 to 40 days from finishing the season. Approximately 50 percent of the gins in the Southern Rolling Plains had completed operations. Sample receipts continued to decline at the Abilene, Lamesa, and Lubbock Classing Offices. The National Cotton Council held regional webinars across the cotton belt presenting the new commodity provision for Seed Cotton contained in the revised Agriculture Act of 2014. Associations, cooperatives, and gins hosted events during the sessions for producers to attend and participate in the teleconferences and webinars.
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Southwestern Markets Regional Summary
Jane Byers-Angle Lubbock, TX [email protected]
Trading
East Texas In Oklahoma, a heavy volume of mostly color 21 and 31, leaf 3 and better, staple 36 and longer, mike 34-48, strength 27-34, and uniformity 77-83 sold for around 79.50 cents per pound, FOB car/truck (compression charges not paid). A heavy volume of color 31 and better, leaf 4 and better, staple mostly 38 and 39, mike averaging 46.2, strength 27-31, and uniformity 80-81 sold for around 76.85 cents, same terms as above. A heavy volume of mostly color 21, leaf 3 and better, staple 34 and 35, mike 34-48, strength 26-31, uniformity 77-82, and 25 percent extraneous matter sold for around 72.25 cents, same terms as above. In Kansas, a light volume of mostly color 32 and better, leaf 2 and 3, staple 35 and 36, mike 35-41, strength 29-30, uniformity 79-80, and 50 percent extraneous matter sold for around 73.00 cents, same terms as above. A heavy volume of CCC-loan equities traded for 17.75 to 20.75 cents. West Texas A moderate volume of mostly color 21, leaf 1 and 2, staple mostly 37, mike 41-43, strength 26-28, and uniformity 78-80 sold for around 76.00 cents per pound, FOB car/truck (compression charges not paid). A heavy volume of color 31 and better, leaf 3 and better, staple 33-36, mike 28-43, strength 25-31, and uniformity 77-80 sold for around 70.50 cents, same terms as above. A heavy volume of color 31 and 41, leaf 4 and better, staple 32-35, mike 33-38, strength 24-29, uniformity 75-81, and 25 percent extraneous matter sold for around 69.75 cents, same terms as above. A heavy volume of mostly color 22 and better, leaf 3 and better, staple 35 and longer, mike 25-32, strength 25-30, uniformity 77-80, and 50 percent extraneous matter sold for around 55.25 cents, same terms as above. A heavy volume of CCC-loan equities traded for around 17.75 to 20.75 cents.
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Western Markets Regional Summary
Maria Townsend Visalia, CA [email protected]
Desert Southwest (DSW) Spot cotton trading was active. Supplies and producer offerings were moderate. Demand was moderate. Average local spot prices were higher. Producers delivered 2017-crop cotton to the co-op, merchant marketing pools, or into the CCC-loan program. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. A cold front brought strong winds and chilly temperatures back to the DSW. Daytime temperatures were in the 70s early in the period and dropped into the low 60s mid-week in Yuma, AZ. Overnight lows were in the mid-50s to high 40s. The colder temperatures halted planting activities. Local sources reported approximately 20 percent of the crop has been planted in Yuma. Ginning continued in central Arizona. Fieldwork was active. New Mexico and El Paso, TX producers prepared fields for planting. Sources reported that the Elephant Butte Irrigation District intends to make water available for pre-plant irrigation sometime in early May. An initial allotment of 8 inches was approved. Limited snowpack and dry conditions remain a concern. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies were light. Demand was moderate. Average local spot prices were higher. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Freeze warnings were issued across much of California as a cold front brought strong winds and freezing temperatures back to the Valley. Snow showers were produced once the cold front hit the
Sierra Nevada Mountain range. Snow flurries were reported in elevations less than 3,000 feet, even the coastal range to the West received a light dusting of snow. Daytime high temperatures dropped into the low 50s and nighttime lows were in the 30s. Ginning was virtually completed. On February 20, the U.S. Bureau of Reclamation announced a 20 percent water allocation from the Central Valley Project to west side growers. The overall Sierra Nevada Mountain water content stands at 4.6 inches, according to the California Department of Water Resources. All regions of the Sierra Nevada Mountains are below normal snowpack. Producers and ginners attended regional meetings. American Pima (AP) Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was moderate. Average local spot prices were steady. No forward contracting or domestic mill activity was reported. Producers inquired for 2018-crop contracts. No contracts were signed. Foreign mill inquiries were light and mostly for 2018-crop price discovery. According to the Foreign Agricultural Service Export Sales report, approximately 520,800 bales of 2017-crop AP was committed for the week ending February 15. Freezing temperatures entered the Far West region mid-week. Daytime highs were in the 50s and 60s. Overnight lows were in the 30s and 40s. No rainfall was recorded in the period. Fieldwork was active. Ginning continued in Arizona and California. Planted was stopped in Yuma, AZ as soil temperatures were chilled. Producers and ginners attended regional meetings.
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Western Markets Regional Summary
Maria Townsend Visalia, CA [email protected]
Trading
Desert Southwest In Arizona, a heavy volume of color 21, leaf 2, and staple 36 and longer, with mike 35-49 sold for around 100 points on ICE May futures, uncompressed, FOB warehouse. In New Mexico, a light volume of color 31 and 41, leaf 2 and 3, staple 35 and 36, mike 37-40, strength averaging 29.5, and uniformity averaging 79.5 sold for around 73.00 cents per pound, FOB car/truck (compression charges not paid). A moderate volume of mostly color 31 and better, leaf 3 and better, staple 32-35, mike averaging 39.0, strength averaging 27.5, and uniformity averaging 79.8 sold for 70.00 to 71.50 cents, same terms as above. Mixed lots containing color 52 and better, leaf mostly 4-7, staple 34 and 35, mike 40-47, strength 25-27, uniformity 78-80, with 100 percent extraneous matter (a combination of bark and grass) sold for around 62.50 cents, same terms as above. A light volume of CCC-loan equities sold for around 20.50 cents.
No trading activity was reported. No trading activity was reported.
San Joaquin Valley American Pima
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2017 Crop Quality Southeast Quality Summary 2017-Crop Region Southeast
Classing Office Florence Macon Memphis Southeast
Bales 1,349,332 2,814,423 261,476 4,425,231
Color Grade 41 31 41 31
Leaf Grade 3 3 4 3
Trash 0.45 0.37 0.55 0.40
Mike 4.53 4.41 4.17 4.43
Staple 36.47 36.63 37.55 36.64
Strength 30.21 29.27 30.13 29.61
Uniformity 81.83 81.82 82.04 81.83
Number of Gins 53 79 14 146
Uniformity 81.89 82.25 81.47
Number Of Gins 41 76 19
South Central Quality Summary 2017-Crop Region South Central
Classing Office Dumas Memphis Rayville
Bales 1,289,618 2,490,945 431,218
Color Grade 31 41 31
Leaf Grade 4 4 3
Trash 0.49 0.50 0.43
Mike 4.37 4.35 4.53
Staple 37.87 37.69 37.10
Strength 31.66 30.57 31.30
South Central
4,211,781
31
4
0.49
4.37
37.68
30.98
Staple 35.74 36.05 35.13 36.02 35.82
Strength 29.36 30.02 28.89 29.54 29.51
82.06
136
Southwest Quality Summary 2017-Crop Region Southwest
Classing Office Abilene Corpus Christi Lamesa Lubbock Southwest
Bales 1,612,339 2,308,339 1,678,059 3,717,011 9,336,325
Color Grade 21 31 21 21 21
Leaf Grade 2 3 2 3 3
Trash 0.27 0.34 0.26 0.28 0.29
Mike 3.95 4.49 3.76 3.24 3.76
Uniformity 80.11 81.12 79.41 79.56 80.02
Number Of Gins 42 59 39 73 215
Uniformity 81.40 81.40 86.09 86.18
Number Of Gins 37 37 2 24
Far West and American Pima Quality Summary 2017-Crop Classing Office Visalia Far West PIMA - Southwest Visalia PIMA - Far West Visalia
Region Far West
Bales 676,652 676,652 23,556 645,694
Color Grade 21 21 1 1
Leaf Grade 2 2 2 2
Trash 0.20 0.20 0.31 0.26
Mike 4.34 4.34 4.08 4.13
Staple 37.24 37.24 47.84 49.14
Strength 32.36 32.36 42.25 43.50
United States Quality Summary 2017-Crop United States Upland United States Pima
18,649,989 669,250
31 1
3 2
0.36 0.26
4.08 4.13
36.49 49.09
29.97 43.45
80.96 86.18
534 26
Source: USDA, AMS, Cotton and Tobacco Program For complete Quality reports 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 2017-2018 Jan
Jan 26
Feb
Feb
Feb
Feb 23
19-25
Feb 01
02-08
09-15
16-22
March 1
Adjusted world price 1/
74.45
75.30
71.35
69.45
69.15
69.69
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
0.42
0.45
0.58
0.55
0.52
0.51
Fine count adjustment 2017
0.57
0.60
0.73
0.70
0.67
0.66
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 February 16, 2017
Through February 15, 2018
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
4,623,300
-
7,427,100
Exports
340,600
5,914,300
333,500
5,436,300
-
10,537,600
-
12,863,400
New sales
390,200
-
427,600
-
Buy-backs and cancellations
23,000
-
28,500
-
367,200
-
399,100
-
128,400
999,400
177,200
1,999,900
Total export commitments
Net sales Sales next marketing year
Net sales of 399,100 running bales for 2017/2018 were up 9 percent from the previous week and 40 percent from the prior 4-week average. Increases were reported for China (68,400 RB, including decreases of 3,100 RB), Bangladesh (57,600 RB), Turkey (56,000 RB, including decreases of 6,600 RB), Indonesia (52,400 RB, including 1,100 RB switched from Japan and decreases of 15,800 RB), and Vietnam (40,600 RB, including 2,600 RB switched from South Korea and 1,000 RB switched from China). For 2018/2019, net sales of 177,200 RB primarily for China (97,700 RB) and Bangladesh (83,200 RB), were partially offset by decreases for India (6,600 RB). Exports of 333,500 RB were up 3 percent from the previous week and from the prior 4-week average. The primary destinations were China (64,100 RB), Vietnam (54,800 RB), Pakistan (45,000 RB), Turkey (35,700 RB), and Indonesia (27,800 RB). Net sales of Pima totaling 3,600 RB for 2017/2018 were up 31 percent from the previous week, but down 42 percent from the prior 4-week average. Increases were reported for India (1,500 RB), China (700 RB), Turkey (700 RB), and Peru (600 RB). Exports of 21,200 RB were up 20 percent from the previous week and 25 percent from the prior 4-week average. The primary destinations were China (11,500 RB), India (5,000 RB), and Pakistan (2,100 RB). Optional Origin Sales: For 2017/2018, the current optional origin outstanding balance is 16,500 RB, all Indonesia. Exports for Own Account: New exports for own account totaling 1,400 RB were reported to Indonesia (1,100 RB) and Turkey (300 RB). Exports to Indonesia (7,900 RB), South Korea (1,300 RB), and Turkey (300 RB) were applied to new or outstanding sales. Decreases totaling 900 RB were reported for Vietnam. The current outstanding balance of 12,100 RB is for Indonesia (4,800 RB), China (3,800 RB), Vietnam (2,700 RB), Bangladesh (500 RB), and Turkey (300 RB).
Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
February 22, 2018
9
Number of Bales in Certificated Stocks Stocks as of 2-22-2018
Awaiting Review
Non-Rain Grown Cotton
Dallas/FT. Worth, TX
9,355
0
0
Galveston, TX
50,285
1,600
0
Greenville, SC
37
0
0
Houston, TX
7
0
0
Memphis, TN
33,704
0
0
Total
93,388
1,600
0
Delivery Points
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 78.97 80.72 81.72 83.22
SOUTHEAST 41-4 51-5 77.47 73.97 79.47 74.97 80.97 75.47 81.22 75.72 21-2 70.50 71.00 72.75 75.00 76.25 77.75 78.00 78.25
42-4 75.22 76.72 76.72 76.97
31-3 76.47 78.22 79.22 81.47
EAST TEXAS-OKLAHOMA 31-3 41-4 69.75 68.25 70.50 69.75 72.50 70.75 74.00 73.50 75.25 73.50 76.50 74.50 77.00 74.75 77.25 77.25
NORTH DELTA 41-4 51-5 74.72 70.22 77.47 72.22 77.47 72.72 78.72 72.97 42-4 67.25 68.25 69.00 72.50 72.50 73.25 73.25 73.25
21-2 70.50 71.50 73.50 73.75 75.75 76.25 76.75 77.00
42-4 72.97 73.72 74.47 74.47
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 68.50 66.75 70.25 68.75 72.25 69.50 73.00 72.75 74.75 72.75 75.75 73.75 76.25 74.00 76.50 76.50
42-4 66.00 67.75 68.75 70.75 71.50 73.25 73.25 73.25
SOUTH DELTA 41-4 51-5 74.72 70.22 77.47 72.22 77.47 72.72 78.72 72.97
31-3 76.47 78.22 79.22 81.47
Staple 26-31 32 33 34 35 36 37 38
21-2
79.12 85.37 88.87 90.37 92.62
42-4 72.97 73.72 74.47 74.72
21-2 73.47 75.72 79.97 81.07
SAN JOAQUIN VALLEY 31-3 41-4
77.62 83.87 87.37 88.62 90.37
74.97 76.97 77.77 77.87 77.87
DESERT SOUTHWEST 31-3 41-4 72.72 68.22 74.97 74.47 78.47 74.72 80.07 74.82
51-5 66.47 66.97 68.72 68.97
32-3
74.47 76.97 77.72 78.22 79.22
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 -1500 -1375 -1075 -775 -600 0 0 0 -225 -350
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 -1825 -1650 -1275 -925 -700 0 0 0 -225 -350
SW -1350 -1150 -1050 -650 -450 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 -125 -75 78 -95 -60 79 -80 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. -1558 -1183 -975 -611 -379 0 14 0 -271 -396 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. -97 -83 -71 -4 0 7 29 37 47 57
February 22, 2018
10
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
Leaf
Staple 44
46
48
1
1
139.00
147.75
150.25
2
138.75
147.50
150.00
3
131.00
138.75
140.25
1
138.75
147.50
150.00
2
138.50
147.25
149.75
3
130.75
138.50
140.00
4
120.75
129.00
130.50
4
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on December 22, 2017.
5 6 2
5 6 3
Mike Range
Diff.
26 & Below
-1900
27-29
-1400
30-32
-900
1
128.50
136.25
137.75
2
126.00
133.75
135.25
33-34
-400
3
124.75
132.50
134.00
35 & Above
0
4
115.75
123.50
125.00
5
99.75
107.00
108.50 Strength
6 4
1
109.50
117.25
119.50
2
109.25
117.00
118.75
Range
Diff.
3
109.00
116.75
118.00
35.4 & Below
-1350
4
104.00
111.75
113.00
35.5-36.4
-1100
5
92.75
100.50
101.75
36.5-37.4
-850
37.5 & Above
0
6 5
1 2
88.50
98.50
99.75
3
88.50
98.00
99.75
4
88.50
92.50
93.75
5
88.25
92.25
93.50
6 6
(Grams per Tex)
Extraneous Matter Level
Diff.
Prep
1 2
80.75
83.75
85.00
3
80.75
83.75
85.00
1 2
4
80.75
83.75
85.00
Other
5
80.50
83.50
84.75
1 2
-810 -1095 -715
6 80.00 83.00 84.25 -1035 1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
February 22, 2018
11
