Weekly Cotton Market Review Simple Storage Service (S3)
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. 23 January 12, 2018 Inside this Issue Market Overview Price Support Spot Quotations ICE Futures A Index Southeastern
Average quotations were 88 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 76.84 cents per pound for the week ending Thursday, January 11, 2018. The weekly average was up from 75.96 last week and from 71.46 cents reported the corresponding period a year ago. Daily average quotations ranged from a low of 75.61 cents Friday, January 5 to a seasonal high of 79.96 cents Thursday, January 11. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended January 11 totaled 148,565 bales. This compares to 75,044 bales reported last week and 89,020 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 1,067,016 bales compared to 873,030 bales the corresponding week a year ago. The ICE March settlement prices ended the week at 82.65 cents, compared to 79.25 cents last week.
Textile Mill Report South Central Southwestern Western Crop Production Annual Summary Supply & Demand
Ginnings Pima Quotations
Cotton Market Reports
Subscribe to this report Subscribe to all Cotton Market reports Sources: USDA, AMS, Cotton and Tobacco Program, 1/ Cotlook
Southeastern Markets Regional Summary
Danny Pino Macon, GA [email protected]
Spot cotton trading was moderate. Supplies and producer offerings were moderate. Demand was moderate. Average local spot prices were higher. Trading of CCC-loan equities was inactive. Producers took advantage of higher ICE futures during the period to book a light volume of 2018-crop cotton. Cold and mostly cloudy conditions prevailed over the lower Southeast early in the period with daytime highs in the mid-40s to low 50s. Up to 1 inch of scattered precipitation was received in areas throughout Alabama and portions of west Georgia early week. Overcast conditions were observed later in the week as a mass of warm and moist air settled over the region and daytime highs warmed into the upper 60s. Fieldwork was interrupted by the wet weather throughout the period. Producers welcomed the precipitation, which should help improve soil moisture levels. Abnormally dry to moderate drought conditions existed throughout Alabama and Georgia, according to the U.S. Drought Monitor. Clear and cold conditions were observed in the Carolinas and Virginia over the weekend with frigid daytime highs
in the low-to-mid 30s. Warmer weather conditions were observed later in the week with daytime highs in the upper 60s to low 70s and light scattered rainfall was observed in some locales. Fieldwork was completed where soils were firm enough to support equipment. Gins continued to process backlogs of modules throughout the region.
Textile Mill Domestic mill buyers purchased a moderate volume of color 41, leaf 5, and staple 35 and longer for April/May delivery. Mill buyers also inquired for a heavy volume of 2017 and 2018-crop cotton, color 41, leaf 4, and staple 34 and longer for third and fourth quarter 2018 delivery. No sales were reported. Most mills operated five to seven days. Demand through export channels was moderate. Agents for mills in Turkey purchased a moderate volume of color 31, 41 and 51, leaf 3-5, and staple 37 and longer for March/April shipment. Agents throughout the Far East inquired for any discounted styles of low mike cotton.
Trading A light volume of color 21 and 31, leaf 2 and 3, staple 36-38, mike 43-49, strength 28-31, and uniformity 81-83 sold for 475 to 525 points on ICE March futures, FOB car/truck, Georgia terms (Rule 5, compression charges paid, 30 days free storage). Mixed lots containing color 21, 31 and 41, leaf 2 and 3, staple 35-37, mike mostly 43-49, strength 29-32, and uniformity 81-83 sold for around 375 points on ICE March futures, same terms as above. A moderate volume of color mostly 31 and 41, leaf 2-4, staple 33 and longer, mike 37-49, strength 27-30, and uniformity 80-82 sold for around 275 points on ICE March futures, same terms as above. A moderate volume of color 31 and 41, leaf 2 and 3, staple 34, mike 43-52, strength 25-27, and uniformity 80-82 sold for around 50 to 75 points on ICE March futures, same terms as above.
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South Central Markets Regional Summary
Jeff Carnahan Memphis, TN [email protected]
North Delta Spot cotton trading was steady. 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 flow of warm, moist air brought overcast skies and sporadic rain showers to the region during the week. Daytime temperatures were in the 50s and 60s. Overnight lows were in the teens and 40s. Less than 1 inch of precipitation accumulated in most areas. Freezing temperatures were in the short-term forecast. Ginning was winding down throughout the region. The Dumas Classing Office had a single shift operating as necessary. The Memphis Classing Office also continued operating one shift on a day-to-day basis, because a few gins in the Memphis territory continued to operate. Outdoor activities were halted due to cold, wet conditions. Producers made plans to attend regional and national industry meetings. According to the U.S. Drought Monitor, moderate-to-severe drought conditions persisted in Arkansas and the Bootheel of Missouri; soil moisture conditions were adequate in the cotton-producing areas of Tennessee.
South Delta Spot cotton trading was slow. 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. Climatic conditions were erratic. Warm, moisture-laden air entered the area during the period, which provided relief from the frigid weather the previous week. Daytime temperatures were in the 50s and 60s. Overnight lows were in the teens and 40s. Less than 1 inch of total precipitation was reported in most areas. Another cold front was in the nearby forecast. Several larger gins were still pressing cotton in Mississippi. Outdoor activities were idle due to cold, wet conditions. Producers attended various industry meetings, including the Beltwide meetings in San Antonio, Texas. According to the U.S. Drought Monitor, moderate-to-severe drought existed in northeastern Louisiana and most of Mississippi.
Trading North Delta A moderate volume of color 51 and better, leaf mostly 5 and better, staple 35 and longer, mike 35-49, strength 28-35, and uniformity 79-84 traded at around 225 points on March ICE futures, FOB car/truck (Rule 5, compression charges paid). South Delta A light volume of color 51 and better, leaf mostly 5 and better, staple 35 and longer, mike 35-49, strength 28-35, and uniformity 79-84 traded at around 225 points on March ICE futures, FOB car/truck (Rule 5, compression charges paid).
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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 higher. Producer interest in forward contracting was moderate. Trading of CCC-loan equities was active. Foreign inquiries were moderate. Interest was best from India, Taiwan, and Turkey. The Corpus Christi Classing Office has provided classification services on more than 2.2 million samples for producers in the Rio Grande Valley, south Texas, and in the Blackland Prairies. About 10 gins continued pressing services in the northern Blackland Prairies, the Winter Garden area, and in south Texas. Producers in south Texas were busy preparing the soil and controlling weeds ahead of the planting season. Fertilizers were applied. In Kansas, harvesting neared 80 percent completed. Ginning is expected to continue into March. In Oklahoma, harvesting was 90 percent completed, according to local sources. A lack of available harvesters to service the exceptionally large crop was cited as the reason that not all fields had been picked. Modules were transported to the gin yards.
West Texas Spot cotton trading was active. Supplies and producer offerings were heavy. Demand was very good. Average local spot prices were higher. Producer interest in forward contracting was light. Trading of CCC-loan equities was light. Foreign inquiries were moderate. Interest was best from India, Taiwan, and Turkey. Temperatures varied from the mid-40s to the low 80s across the region as dry conditions prevailed. According to the local newscast on January 10, Lubbock had not received significant rainfall in 63 days. A cold front brought less than two-tenths of an inch of wintry precipitation late in the period to a localized area around the New Mexico border. Winds were gusting more than 50 miles per hour and wind turbines were shut down. Fieldwork was interrupted. Harvesting was mostly completed, but some fields remained unpicked due to harvesting equipment not being available. Modules were transported from the fields to the gin yards. A few gins finished for the season in the High Plains. The exceptionally large crop in the panhandle challenged ginning capacity and the gins were less than 50 percent completed. The Lubbock Classing Office graded more than 2.8 million samples and the Lamesa Classing Office graded more than 1.3 million samples. The Abilene Classing Office has graded more than half a million samples for producers in west Texas.
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Southwestern Markets Regional Summary
Jane Byers-Angle Lubbock, TX [email protected]
Trading
East Texas In Texas, a moderate volume of mostly color 42 and better, leaf mostly 3-5, staple 35 and longer, mike 34-52, strength 28-35, and uniformity 79-83 sold for around 72.00 cents per pound, FOB warehouse (compression charges not paid). In Kansas, a light volume of color 21 and 31, leaf 3 and 4, staple 36 and 37, mike averaging 37.2, strength 27-29, and uniformity 80-81 sold for around 72.00 cents same terms as above. A light volume of mostly color 31, leaf 4-6, staple 36 and 37, mike 31-36, strength 27-29, and uniformity 78-80 sold for around 63.50 cents, same terms as above. In Oklahoma, a moderate volume of mostly color 21 and better, leaf 3 and better, staple 37 and longer, mike 33-41, strength 27-32, and uniformity 79-83 sold for around 77.75 cents, FOB car/truck (compression charges not paid). A light volume of mostly color 21, leaf 2 and 3, staple 36 and longer, mike averaging 44.0, strength averaging 32.7, and uniformity averaging 81.6 sold for around 75.75 cents, same terms as above. A heavy volume of CCC-loan equities traded for around 19.50 to 22.50 cents. West Texas A heavy volume of color 31 and better, leaf 3 and better, staple 36 and longer, mike 35-46, strength 27-33, and uniformity 78-81 sold for around 78.00 cents per pound, FOB car/truck (compression charges not paid). A moderate volume of color 31 and better, leaf 3 and better, staple 37 and 38, mike 33-42, strength 27-29, and uniformity 79-80 sold for around 76.50 cents, same terms as above. A moderate volume of color 21 and 31, leaf 2 and 3, staple 36, mike 31-35, strength 29-31, and uniformity 79-80 sold for around 69.00 cents, same terms as above. A light volume of CCC-loan equities traded for around 14.25 to 17.75 cents.
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Western Markets Regional Summary
Maria Townsend Visalia, CA [email protected]
Desert Southwest (DSW) Spot cotton trading was inactive. Supplies were light. Demand was moderate. Producers delivered 2017-crop cotton to the co-op, merchant marketing pools, or into the CCC-loan program. Producers inquired for 2018-crop contracts. A light volume of new-crop contracting was reported. Average local prices were higher. According to published sources, the 102 day dry-streak was broken on Tuesday night, January 9 when measureable rainfall was received in Phoenix, Arizona. Southwestern and central Arizona received approximately one-quarter to one-half inches of precipitation. Higher elevations received generous snowfall amounts. A few modules remained in fields, but most were on the gin yards. Harvesting was virtually completed. Precipitation accumulations were light in New Mexico and El Paso, Texas. Ginning continued uninterrupted in the DSW. Producers considered spring planting options.
San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies were light. Demand was moderate. Producers delivered 2017-crop cotton to the co-op, merchant marketing pools, or into the CCC-loan program. Average local spot prices were higher. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were moderate. The high pressure system, which kept California dry for the past few weeks, lifted and rainfall was welcomed into the Valley mid-week. The Valley received around three-quarters of an inch to one and
three-quarter inches of rain. Snowfall was received in elevations above 8,000 feet in the Sierra Nevada Mountains. This is a great start to the New Year, as December was extremely dry. California receives about half of its annual precipitation during December, January, and February. Early morning fog was present late in the period. Ginning continued. Producers considered spring planting options. Fields were prepped for planting. 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. Foreign mill inquiries were steady. Interest was best from China. According to the Foreign Agricultural Service Export Sales report, approximately 480,800 bales of 2017-crop AP was committed for the week ending January 4, 2018. Sale commitments of 2018-crop cotton remained unchanged for several weeks at 35,400 bales compared to no bales committed at this same time last year. Welcomed precipitation and snow was received throughout the Far West region. Rainfall amounts varied with central Arizona receiving around one-quarter to one-half inches and the San Joaquin Valley of California received three-quarters to one and three-quarter inches. Trace amounts up to one-tenth of an inch was reported in New Mexico and El Paso, Texas.
Trading No trading activity was reported. No trading activity was reported.
Desert Southwest San Joaquin Valley
American Pima Agents for mills in China purchased a moderate volume of color 2, leaf 2 and better, and staple 48 and longer for January/February shipment. 6
Crop Production Annual Summary The following information was excerpted from the National Agricultural Statistics Service Crop Production Annual Summary report, released on January 12, 2018 All cotton production is estimated at 21.3 million 480-pound bales, up 24 percent from 2016. The United States yield is estimated at 899 pounds per acre, up 32 pounds from last year. Harvested area, at 11.3 million acres, is up 19 percent from last year.
For complete Crop Production report click here.
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Supply & Demand The following information was excerpted from the World Agricultural Supply and Demand Estimates, released on January 12, 2018 This month’s 2017/18 U.S. cotton forecasts include slightly lower production and ending stocks. Production is reduced 177,000 bales due to small declines in regions outside the Delta. Ending stocks are reduced 100,000 bales, while domestic mill use and exports are unchanged. The forecast for the marketing year average price received by producers is raised 3 cents per pound, to a midpoint of 69 cents. Offsetting changes in foreign production and consumption characterize the global 2017/18 cotton forecasts this month. Global production is raised 1.0 million bales as a 1.4-millionbale increase for China is only partly offset by small decreases in India, the United States, and Australia. Global consumption is raised 1.2 million bales largely due to a 1.0-million-bale increase for China. World consumption is forecast to grow at a 5.2 percent annual rate in 2017/18, more than double its long-run level. Projected world ending stocks are changed slightly this month, down 200,000 bales from December, but at 87.8 million bales are still forecast marginally higher than the year before.
For complete Supply and Demand report click here.
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Ginnings
For complete Ginnings report click here.
9
World market prices for upland cotton, in cents per pound, in effect from 12:01 a.m., EDT, Friday through midnight, EDT, Thursday 2017-2018 Dec
Dec
Dec
Dec 29
Jan
Jan
8-14
15-21
22-28
Jan 04
05-11
12-18
Adjusted world price 1/
65.03
65.95
68.00
70.62
70.86
71.21
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
0.48
0.45
0.42
0.33
0.35
0.36
Fine count adjustment 2017
0.63
0.60
0.57
0.48
0.50
0.51
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 January 5, 2017
Through January 4, 2018
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
4,635,900
-
7,532,900
Exports
210,500
3,975,100
281,600
3,518,100
-
8,611,000
-
11,051,000
239,900
-
281,100
-
3,900
-
6,600
-
236,000
-
274,500
-
Total export commitments New sales Buy-backs and cancellations Net sales
Sales next marketing year 5,700 570,600 92,900 1,330,100 Net sales of 274,500 running bales for 2017/2018 were up 42 percent from the previous week and 16 percent from the prior 4-week average. Increases were reported for India (51,200 RB), Turkey (43,200 RB), Mexico (42,500 RB), Vietnam (26,800 RB, including 2,600 RB switched from China), and China (24,100 RB, including decreases of 200 RB). Reductions were reported for South Korea (5,400 RB) and Japan (800 RB). For 2018/2019, net sales of 92,900 RB were reported for Mexico (72,900 RB), China (10,600 RB), and Japan (9,500 RB). Exports of 281,600 RB--a marketing-year high--were up 35 percent from the previous week and 41 percent from the prior 4-week average. The primary destinations were Vietnam (68,600 RB), China (67,200 RB), Turkey (33,100 RB), Indonesia (24,500 RB), and Pakistan (19,800 RB). Net sales of Pima totaling 6,700 RB for 2017/2018 were up 20 percent from the previous week, but down 33 percent from the prior 4-week average. Increases were reported for China (4,300 RB), Turkey (1,100 RB), India (600 RB), and Pakistan (400 RB). Exports of 8,500 RB were down 18 percent from the previous week and 43 percent from the prior 4-week average. The primary destinations were China (3,100 RB), India (1,400 RB), Indonesia (1,000 RB), and Thailand (900 RB). Optional Origin Sales: The current optional origin outstanding balance of 16,500 RB is for Indonesia. Exports for Own Account: New exports for own account totaling 6,000 RB were reported to China (3,400 RB), Vietnam (2,300 RB), and Thailand (300 RB). Exports to Indonesia (7,300 RB), China (6,000 RB), India (2,600 RB), Vietnam (2,400 RB), South Korea (1,100 RB), Turkey (300 RB), and Thailand (300 RB) were applied to new or outstanding sales. Decreases totaling 300 RB were reported for Vietnam. The current outstanding balance of 62,700 RB is for Indonesia (35,400 RB), Taiwan (11,600 RB), China (7,000 RB), Vietnam (7,000 RB), India (1,100 RB), Bangladesh (500 RB), and Pakistan (100 RB).
Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
January 11, 2018
10
Number of Bales in Certificated Stocks Stocks as of 1-11-2018
Awaiting Review
Non-Rain Grown Cotton
357
0
0
Galveston, TX
22,841
0
0
Greenville, SC
37
0
0
Houston, TX
6,480
0
0
Memphis, TN
18,395
0
0
Total
48,110
0
0
Delivery Points Dallas/FT. Worth, TX
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 82.65 84.40 85.90 87.40
SOUTHEAST 41-4 51-5 81.15 77.65 83.15 78.65 85.15 79.15 85.40 79.40 21-2 76.25 76.75 78.50 80.75 82.00 83.50 83.75 84.00
42-4 78.90 80.40 80.40 80.65
31-3 80.65 82.40 83.40 85.65
EAST TEXAS-OKLAHOMA 31-3 41-4 75.50 74.00 76.25 75.50 78.25 76.50 79.75 79.25 81.00 79.25 82.25 80.25 82.75 80.50 83.00 83.00
NORTH DELTA 41-4 51-5 78.90 74.40 81.65 76.40 81.65 76.90 82.90 77.15 42-4 73.00 74.00 74.75 78.25 78.25 79.00 79.00 79.00
21-2 75.50 76.50 78.50 78.75 80.75 81.25 81.75 82.00
42-4 77.15 77.90 78.65 78.65
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 73.50 71.75 75.25 73.75 77.25 74.50 78.00 77.75 79.75 77.75 80.75 78.75 81.25 79.00 81.50 81.50
42-4 71.00 72.75 73.75 75.75 76.50 78.25 78.25 78.25
SOUTH DELTA 41-4 51-5 78.90 74.40 81.65 76.40 81.65 76.90 82.90 77.15
31-3 80.65 82.40 83.40 85.65
Staple 26-31 32 33 34 35 36 37 38
21-2
82.80 89.05 92.55 94.05 96.30
42-4 77.15 77.90 78.65 78.90
21-2 76.65 78.90 83.15 84.00
SAN JOAQUIN VALLEY 31-3 41-4
81.30 87.55 91.05 92.30 94.05
78.65 80.65 81.45 81.55 81.55
DESERT SOUTHWEST 31-3 41-4 75.90 71.40 78.15 77.65 81.65 77.90 83.25 78.00
51-5 69.65 70.15 71.90 72.15
32-3
78.15 80.65 81.40 81.90 82.90
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 -1150 -1075 -850 -600 -475 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 -1675 -1500 -1175 -825 -600 0 0 0 -225 -350
SW -1225 -1025 -950 -550 -350 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 -100 -75 78 -85 -60 79 -70 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. -1350 -1088 -914 -557 -332 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. -94 -81 -70 -4 0 7 29 37 47 57
January 11, 2018
11
American Pima quotations are for cotton equal to the Official Standards, net weight, in mixed lots, UD Free, FOB warehouse. 1/
AMERICAN PIMA SPOT QUOTATIONS Color 1
Leaf
Staple 44
46
48
1
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
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on December 22, 2017.
5 6 2
4
120.75
129.00
130.50
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
6
(Grams per Tex)
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
Extraneous Matter
6
Level
1
Prep
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
Diff. -810 -1095
1 -715 2 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.
January 11, 2018
12
Weekly Cotton Market Review
Cotton and Tobacco Program Cotton Market News Division 3275 Appling Road Memphis, TN 38133 901.384.3016
Vol. 99 No. 23 January 12, 2018 Inside this Issue Market Overview Price Support Spot Quotations ICE Futures A Index Southeastern
Average quotations were 88 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 76.84 cents per pound for the week ending Thursday, January 11, 2018. The weekly average was up from 75.96 last week and from 71.46 cents reported the corresponding period a year ago. Daily average quotations ranged from a low of 75.61 cents Friday, January 5 to a seasonal high of 79.96 cents Thursday, January 11. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended January 11 totaled 148,565 bales. This compares to 75,044 bales reported last week and 89,020 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 1,067,016 bales compared to 873,030 bales the corresponding week a year ago. The ICE March settlement prices ended the week at 82.65 cents, compared to 79.25 cents last week.
Textile Mill Report South Central Southwestern Western Crop Production Annual Summary Supply & Demand
Ginnings Pima Quotations
Cotton Market Reports
Subscribe to this report Subscribe to all Cotton Market reports Sources: USDA, AMS, Cotton and Tobacco Program, 1/ Cotlook
Southeastern Markets Regional Summary
Danny Pino Macon, GA [email protected]
Spot cotton trading was moderate. Supplies and producer offerings were moderate. Demand was moderate. Average local spot prices were higher. Trading of CCC-loan equities was inactive. Producers took advantage of higher ICE futures during the period to book a light volume of 2018-crop cotton. Cold and mostly cloudy conditions prevailed over the lower Southeast early in the period with daytime highs in the mid-40s to low 50s. Up to 1 inch of scattered precipitation was received in areas throughout Alabama and portions of west Georgia early week. Overcast conditions were observed later in the week as a mass of warm and moist air settled over the region and daytime highs warmed into the upper 60s. Fieldwork was interrupted by the wet weather throughout the period. Producers welcomed the precipitation, which should help improve soil moisture levels. Abnormally dry to moderate drought conditions existed throughout Alabama and Georgia, according to the U.S. Drought Monitor. Clear and cold conditions were observed in the Carolinas and Virginia over the weekend with frigid daytime highs
in the low-to-mid 30s. Warmer weather conditions were observed later in the week with daytime highs in the upper 60s to low 70s and light scattered rainfall was observed in some locales. Fieldwork was completed where soils were firm enough to support equipment. Gins continued to process backlogs of modules throughout the region.
Textile Mill Domestic mill buyers purchased a moderate volume of color 41, leaf 5, and staple 35 and longer for April/May delivery. Mill buyers also inquired for a heavy volume of 2017 and 2018-crop cotton, color 41, leaf 4, and staple 34 and longer for third and fourth quarter 2018 delivery. No sales were reported. Most mills operated five to seven days. Demand through export channels was moderate. Agents for mills in Turkey purchased a moderate volume of color 31, 41 and 51, leaf 3-5, and staple 37 and longer for March/April shipment. Agents throughout the Far East inquired for any discounted styles of low mike cotton.
Trading A light volume of color 21 and 31, leaf 2 and 3, staple 36-38, mike 43-49, strength 28-31, and uniformity 81-83 sold for 475 to 525 points on ICE March futures, FOB car/truck, Georgia terms (Rule 5, compression charges paid, 30 days free storage). Mixed lots containing color 21, 31 and 41, leaf 2 and 3, staple 35-37, mike mostly 43-49, strength 29-32, and uniformity 81-83 sold for around 375 points on ICE March futures, same terms as above. A moderate volume of color mostly 31 and 41, leaf 2-4, staple 33 and longer, mike 37-49, strength 27-30, and uniformity 80-82 sold for around 275 points on ICE March futures, same terms as above. A moderate volume of color 31 and 41, leaf 2 and 3, staple 34, mike 43-52, strength 25-27, and uniformity 80-82 sold for around 50 to 75 points on ICE March futures, same terms as above.
2
South Central Markets Regional Summary
Jeff Carnahan Memphis, TN [email protected]
North Delta Spot cotton trading was steady. 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 flow of warm, moist air brought overcast skies and sporadic rain showers to the region during the week. Daytime temperatures were in the 50s and 60s. Overnight lows were in the teens and 40s. Less than 1 inch of precipitation accumulated in most areas. Freezing temperatures were in the short-term forecast. Ginning was winding down throughout the region. The Dumas Classing Office had a single shift operating as necessary. The Memphis Classing Office also continued operating one shift on a day-to-day basis, because a few gins in the Memphis territory continued to operate. Outdoor activities were halted due to cold, wet conditions. Producers made plans to attend regional and national industry meetings. According to the U.S. Drought Monitor, moderate-to-severe drought conditions persisted in Arkansas and the Bootheel of Missouri; soil moisture conditions were adequate in the cotton-producing areas of Tennessee.
South Delta Spot cotton trading was slow. 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. Climatic conditions were erratic. Warm, moisture-laden air entered the area during the period, which provided relief from the frigid weather the previous week. Daytime temperatures were in the 50s and 60s. Overnight lows were in the teens and 40s. Less than 1 inch of total precipitation was reported in most areas. Another cold front was in the nearby forecast. Several larger gins were still pressing cotton in Mississippi. Outdoor activities were idle due to cold, wet conditions. Producers attended various industry meetings, including the Beltwide meetings in San Antonio, Texas. According to the U.S. Drought Monitor, moderate-to-severe drought existed in northeastern Louisiana and most of Mississippi.
Trading North Delta A moderate volume of color 51 and better, leaf mostly 5 and better, staple 35 and longer, mike 35-49, strength 28-35, and uniformity 79-84 traded at around 225 points on March ICE futures, FOB car/truck (Rule 5, compression charges paid). South Delta A light volume of color 51 and better, leaf mostly 5 and better, staple 35 and longer, mike 35-49, strength 28-35, and uniformity 79-84 traded at around 225 points on March ICE futures, FOB car/truck (Rule 5, compression charges paid).
3
Southwestern Markets Regional Summary
Jane Byers-Angle Lubbock, TX [email protected]
East Texas Spot cotton trading was active. Supplies and producer offerings were moderate. Demand was moderate. Average local spot prices were higher. Producer interest in forward contracting was moderate. Trading of CCC-loan equities was active. Foreign inquiries were moderate. Interest was best from India, Taiwan, and Turkey. The Corpus Christi Classing Office has provided classification services on more than 2.2 million samples for producers in the Rio Grande Valley, south Texas, and in the Blackland Prairies. About 10 gins continued pressing services in the northern Blackland Prairies, the Winter Garden area, and in south Texas. Producers in south Texas were busy preparing the soil and controlling weeds ahead of the planting season. Fertilizers were applied. In Kansas, harvesting neared 80 percent completed. Ginning is expected to continue into March. In Oklahoma, harvesting was 90 percent completed, according to local sources. A lack of available harvesters to service the exceptionally large crop was cited as the reason that not all fields had been picked. Modules were transported to the gin yards.
West Texas Spot cotton trading was active. Supplies and producer offerings were heavy. Demand was very good. Average local spot prices were higher. Producer interest in forward contracting was light. Trading of CCC-loan equities was light. Foreign inquiries were moderate. Interest was best from India, Taiwan, and Turkey. Temperatures varied from the mid-40s to the low 80s across the region as dry conditions prevailed. According to the local newscast on January 10, Lubbock had not received significant rainfall in 63 days. A cold front brought less than two-tenths of an inch of wintry precipitation late in the period to a localized area around the New Mexico border. Winds were gusting more than 50 miles per hour and wind turbines were shut down. Fieldwork was interrupted. Harvesting was mostly completed, but some fields remained unpicked due to harvesting equipment not being available. Modules were transported from the fields to the gin yards. A few gins finished for the season in the High Plains. The exceptionally large crop in the panhandle challenged ginning capacity and the gins were less than 50 percent completed. The Lubbock Classing Office graded more than 2.8 million samples and the Lamesa Classing Office graded more than 1.3 million samples. The Abilene Classing Office has graded more than half a million samples for producers in west Texas.
4
Southwestern Markets Regional Summary
Jane Byers-Angle Lubbock, TX [email protected]
Trading
East Texas In Texas, a moderate volume of mostly color 42 and better, leaf mostly 3-5, staple 35 and longer, mike 34-52, strength 28-35, and uniformity 79-83 sold for around 72.00 cents per pound, FOB warehouse (compression charges not paid). In Kansas, a light volume of color 21 and 31, leaf 3 and 4, staple 36 and 37, mike averaging 37.2, strength 27-29, and uniformity 80-81 sold for around 72.00 cents same terms as above. A light volume of mostly color 31, leaf 4-6, staple 36 and 37, mike 31-36, strength 27-29, and uniformity 78-80 sold for around 63.50 cents, same terms as above. In Oklahoma, a moderate volume of mostly color 21 and better, leaf 3 and better, staple 37 and longer, mike 33-41, strength 27-32, and uniformity 79-83 sold for around 77.75 cents, FOB car/truck (compression charges not paid). A light volume of mostly color 21, leaf 2 and 3, staple 36 and longer, mike averaging 44.0, strength averaging 32.7, and uniformity averaging 81.6 sold for around 75.75 cents, same terms as above. A heavy volume of CCC-loan equities traded for around 19.50 to 22.50 cents. West Texas A heavy volume of color 31 and better, leaf 3 and better, staple 36 and longer, mike 35-46, strength 27-33, and uniformity 78-81 sold for around 78.00 cents per pound, FOB car/truck (compression charges not paid). A moderate volume of color 31 and better, leaf 3 and better, staple 37 and 38, mike 33-42, strength 27-29, and uniformity 79-80 sold for around 76.50 cents, same terms as above. A moderate volume of color 21 and 31, leaf 2 and 3, staple 36, mike 31-35, strength 29-31, and uniformity 79-80 sold for around 69.00 cents, same terms as above. A light volume of CCC-loan equities traded for around 14.25 to 17.75 cents.
5
Western Markets Regional Summary
Maria Townsend Visalia, CA [email protected]
Desert Southwest (DSW) Spot cotton trading was inactive. Supplies were light. Demand was moderate. Producers delivered 2017-crop cotton to the co-op, merchant marketing pools, or into the CCC-loan program. Producers inquired for 2018-crop contracts. A light volume of new-crop contracting was reported. Average local prices were higher. According to published sources, the 102 day dry-streak was broken on Tuesday night, January 9 when measureable rainfall was received in Phoenix, Arizona. Southwestern and central Arizona received approximately one-quarter to one-half inches of precipitation. Higher elevations received generous snowfall amounts. A few modules remained in fields, but most were on the gin yards. Harvesting was virtually completed. Precipitation accumulations were light in New Mexico and El Paso, Texas. Ginning continued uninterrupted in the DSW. Producers considered spring planting options.
San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies were light. Demand was moderate. Producers delivered 2017-crop cotton to the co-op, merchant marketing pools, or into the CCC-loan program. Average local spot prices were higher. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were moderate. The high pressure system, which kept California dry for the past few weeks, lifted and rainfall was welcomed into the Valley mid-week. The Valley received around three-quarters of an inch to one and
three-quarter inches of rain. Snowfall was received in elevations above 8,000 feet in the Sierra Nevada Mountains. This is a great start to the New Year, as December was extremely dry. California receives about half of its annual precipitation during December, January, and February. Early morning fog was present late in the period. Ginning continued. Producers considered spring planting options. Fields were prepped for planting. 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. Foreign mill inquiries were steady. Interest was best from China. According to the Foreign Agricultural Service Export Sales report, approximately 480,800 bales of 2017-crop AP was committed for the week ending January 4, 2018. Sale commitments of 2018-crop cotton remained unchanged for several weeks at 35,400 bales compared to no bales committed at this same time last year. Welcomed precipitation and snow was received throughout the Far West region. Rainfall amounts varied with central Arizona receiving around one-quarter to one-half inches and the San Joaquin Valley of California received three-quarters to one and three-quarter inches. Trace amounts up to one-tenth of an inch was reported in New Mexico and El Paso, Texas.
Trading No trading activity was reported. No trading activity was reported.
Desert Southwest San Joaquin Valley
American Pima Agents for mills in China purchased a moderate volume of color 2, leaf 2 and better, and staple 48 and longer for January/February shipment. 6
Crop Production Annual Summary The following information was excerpted from the National Agricultural Statistics Service Crop Production Annual Summary report, released on January 12, 2018 All cotton production is estimated at 21.3 million 480-pound bales, up 24 percent from 2016. The United States yield is estimated at 899 pounds per acre, up 32 pounds from last year. Harvested area, at 11.3 million acres, is up 19 percent from last year.
For complete Crop Production report click here.
7
Supply & Demand The following information was excerpted from the World Agricultural Supply and Demand Estimates, released on January 12, 2018 This month’s 2017/18 U.S. cotton forecasts include slightly lower production and ending stocks. Production is reduced 177,000 bales due to small declines in regions outside the Delta. Ending stocks are reduced 100,000 bales, while domestic mill use and exports are unchanged. The forecast for the marketing year average price received by producers is raised 3 cents per pound, to a midpoint of 69 cents. Offsetting changes in foreign production and consumption characterize the global 2017/18 cotton forecasts this month. Global production is raised 1.0 million bales as a 1.4-millionbale increase for China is only partly offset by small decreases in India, the United States, and Australia. Global consumption is raised 1.2 million bales largely due to a 1.0-million-bale increase for China. World consumption is forecast to grow at a 5.2 percent annual rate in 2017/18, more than double its long-run level. Projected world ending stocks are changed slightly this month, down 200,000 bales from December, but at 87.8 million bales are still forecast marginally higher than the year before.
For complete Supply and Demand report click here.
8
Ginnings
For complete Ginnings report click here.
9
World market prices for upland cotton, in cents per pound, in effect from 12:01 a.m., EDT, Friday through midnight, EDT, Thursday 2017-2018 Dec
Dec
Dec
Dec 29
Jan
Jan
8-14
15-21
22-28
Jan 04
05-11
12-18
Adjusted world price 1/
65.03
65.95
68.00
70.62
70.86
71.21
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
0.48
0.45
0.42
0.33
0.35
0.36
Fine count adjustment 2017
0.63
0.60
0.57
0.48
0.50
0.51
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 January 5, 2017
Through January 4, 2018
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
4,635,900
-
7,532,900
Exports
210,500
3,975,100
281,600
3,518,100
-
8,611,000
-
11,051,000
239,900
-
281,100
-
3,900
-
6,600
-
236,000
-
274,500
-
Total export commitments New sales Buy-backs and cancellations Net sales
Sales next marketing year 5,700 570,600 92,900 1,330,100 Net sales of 274,500 running bales for 2017/2018 were up 42 percent from the previous week and 16 percent from the prior 4-week average. Increases were reported for India (51,200 RB), Turkey (43,200 RB), Mexico (42,500 RB), Vietnam (26,800 RB, including 2,600 RB switched from China), and China (24,100 RB, including decreases of 200 RB). Reductions were reported for South Korea (5,400 RB) and Japan (800 RB). For 2018/2019, net sales of 92,900 RB were reported for Mexico (72,900 RB), China (10,600 RB), and Japan (9,500 RB). Exports of 281,600 RB--a marketing-year high--were up 35 percent from the previous week and 41 percent from the prior 4-week average. The primary destinations were Vietnam (68,600 RB), China (67,200 RB), Turkey (33,100 RB), Indonesia (24,500 RB), and Pakistan (19,800 RB). Net sales of Pima totaling 6,700 RB for 2017/2018 were up 20 percent from the previous week, but down 33 percent from the prior 4-week average. Increases were reported for China (4,300 RB), Turkey (1,100 RB), India (600 RB), and Pakistan (400 RB). Exports of 8,500 RB were down 18 percent from the previous week and 43 percent from the prior 4-week average. The primary destinations were China (3,100 RB), India (1,400 RB), Indonesia (1,000 RB), and Thailand (900 RB). Optional Origin Sales: The current optional origin outstanding balance of 16,500 RB is for Indonesia. Exports for Own Account: New exports for own account totaling 6,000 RB were reported to China (3,400 RB), Vietnam (2,300 RB), and Thailand (300 RB). Exports to Indonesia (7,300 RB), China (6,000 RB), India (2,600 RB), Vietnam (2,400 RB), South Korea (1,100 RB), Turkey (300 RB), and Thailand (300 RB) were applied to new or outstanding sales. Decreases totaling 300 RB were reported for Vietnam. The current outstanding balance of 62,700 RB is for Indonesia (35,400 RB), Taiwan (11,600 RB), China (7,000 RB), Vietnam (7,000 RB), India (1,100 RB), Bangladesh (500 RB), and Pakistan (100 RB).
Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
January 11, 2018
10
Number of Bales in Certificated Stocks Stocks as of 1-11-2018
Awaiting Review
Non-Rain Grown Cotton
357
0
0
Galveston, TX
22,841
0
0
Greenville, SC
37
0
0
Houston, TX
6,480
0
0
Memphis, TN
18,395
0
0
Total
48,110
0
0
Delivery Points Dallas/FT. Worth, TX
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 82.65 84.40 85.90 87.40
SOUTHEAST 41-4 51-5 81.15 77.65 83.15 78.65 85.15 79.15 85.40 79.40 21-2 76.25 76.75 78.50 80.75 82.00 83.50 83.75 84.00
42-4 78.90 80.40 80.40 80.65
31-3 80.65 82.40 83.40 85.65
EAST TEXAS-OKLAHOMA 31-3 41-4 75.50 74.00 76.25 75.50 78.25 76.50 79.75 79.25 81.00 79.25 82.25 80.25 82.75 80.50 83.00 83.00
NORTH DELTA 41-4 51-5 78.90 74.40 81.65 76.40 81.65 76.90 82.90 77.15 42-4 73.00 74.00 74.75 78.25 78.25 79.00 79.00 79.00
21-2 75.50 76.50 78.50 78.75 80.75 81.25 81.75 82.00
42-4 77.15 77.90 78.65 78.65
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 73.50 71.75 75.25 73.75 77.25 74.50 78.00 77.75 79.75 77.75 80.75 78.75 81.25 79.00 81.50 81.50
42-4 71.00 72.75 73.75 75.75 76.50 78.25 78.25 78.25
SOUTH DELTA 41-4 51-5 78.90 74.40 81.65 76.40 81.65 76.90 82.90 77.15
31-3 80.65 82.40 83.40 85.65
Staple 26-31 32 33 34 35 36 37 38
21-2
82.80 89.05 92.55 94.05 96.30
42-4 77.15 77.90 78.65 78.90
21-2 76.65 78.90 83.15 84.00
SAN JOAQUIN VALLEY 31-3 41-4
81.30 87.55 91.05 92.30 94.05
78.65 80.65 81.45 81.55 81.55
DESERT SOUTHWEST 31-3 41-4 75.90 71.40 78.15 77.65 81.65 77.90 83.25 78.00
51-5 69.65 70.15 71.90 72.15
32-3
78.15 80.65 81.40 81.90 82.90
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 -1150 -1075 -850 -600 -475 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 -1675 -1500 -1175 -825 -600 0 0 0 -225 -350
SW -1225 -1025 -950 -550 -350 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 -100 -75 78 -85 -60 79 -70 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. -1350 -1088 -914 -557 -332 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. -94 -81 -70 -4 0 7 29 37 47 57
January 11, 2018
11
American Pima quotations are for cotton equal to the Official Standards, net weight, in mixed lots, UD Free, FOB warehouse. 1/
AMERICAN PIMA SPOT QUOTATIONS Color 1
Leaf
Staple 44
46
48
1
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
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on December 22, 2017.
5 6 2
4
120.75
129.00
130.50
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
6
(Grams per Tex)
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
Extraneous Matter
6
Level
1
Prep
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
Diff. -810 -1095
1 -715 2 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.
January 11, 2018
12
