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. 2 August 11, 2017 Inside this Issue Market Overview Price Support Spot Quotations
ICE Futures A Index
Average quotations were 28 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 68.36 cents per pound for the week ending Thursday, August 10, 2017. The weekly average was up from 68.08 last week, but down from 72.06 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 69.19 cents Tuesday, August 8 to a season low of 66.94 cents Thursday, August 10. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended August 10 totaled 3,563 bales. This compares to 2,088 bales reported last week and 4,061 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 5,651 bales compared to 6,064 bales the corresponding week a year ago. The ICE October settlement prices ended the week at 69.26 cents, compared to 71.55 cents last week.
Southeastern Textile Mill Report South Central Southwestern Western Crop Production Ginnings
Supply & Demand Cotton Market Reports
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Source: USDA, AMS, Cotton and Tobacco Program
Southeastern Markets Regional Summary
Danny Pino Macon, GA [email protected]
Spot cotton trading was slow. Supplies and producer offerings were light. Demand was moderate. Average local spot prices were steady. Trading of CCC-loan equities was inactive. Widespread thunderstorms moved across the lower Southeast during the week and moderately heavy rainfall was received in areas from the Gulf to Atlantic coastal regions. Hot and muggy conditions abated during the week as slightly cooler daytime highs were observed in the low 80s to low 90s. Weekly accumulated precipitation totals measured from 1 to 3 inches in areas of Alabama, the Florida panhandle, and south Georgia. Although much of south Alabama has received heavy moisture in recent weeks, reports indicated the rainfall was mostly beneficial and will enhance boll-setting and plant development. In Georgia, local experts reported that recent weather conditions were very favorable for development of target spot. Producers were encouraged to monitor plants and apply fungicides in fields where the disease was becoming established. Producers scouted fields for whiteflies and applied treatments to fields that met threshold limits. In the Carolinas and Virginia, day-to-day scattered thundershowers brought around 1 to 2 inches of accumulated moisture to coastal areas. Local experts
reported light insect pressure and most fields were sub-threshold for pests. However, some fields were sprayed for stink bugs and the application of growth regulators was underway. Squaring neared completion across the region, but boll-setting was slightly behind the normal pace in all states except Virginia. According to the National Agricultural Statistics Service’s Crop Progress report released August 7, boll-setting reached 78 percent in Georgia, 75 in Alabama and Virginia, 74 in North Carolina, and 67 percent completed in South Carolina. Textile Mill Domestic mill buyers inquired for a moderate volume of 2017-crop cotton, color 51 and better, leaf 5 and better, and staple 34 and longer for fourth quarter 2017 through second quarter 2018 delivery. Demand was also good for color 41, leaf 4, and staple 34 and longer for December/January 2018 delivery. No sales were reported. Most mills operate five to seven days. Demand through export channels was moderate. Representatives for mills in Peru purchased a moderate volume of 2017-crop cotton, color 41 and 42, leaf 4, and staple 35 and 36 for January 2018 shipment.
Trading
A light volume of 2015-crop and 2016-crop cotton, color 42-62, leaf 4-6, staple 33-36, mike 43-52, strength 27-31, and uniformity 78-81 sold for around 60.00 cents per pound, FOB car/truck (Rule 5, compression charges paid).
A light volume of 2015-crop and 2016-crop cotton, color 53 and 63, leaf 4 and 5, staple 33-35, mike 43-52, strength 28-31, and uniformity 78-81 sold for around 55.00 cents, same terms as above.
A heavy volume mixed lot of 2014-crop and 2015-crop cotton, color 84 and better, leaf 3-5, staple 33 and longer, mike mostly 48-53, strength 26-30, and uniformity 78-82 sold for around 54.00 cents, 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 slow. Supplies of available cotton were light. Demand was light. Average local spot prices were steady. Trading of CCC-loan equities was inactive. No forward contracting was reported. Mostly clear to partly cloudy and warm conditions characterized the weather pattern during the week. A few pop-up thunderstorms brought less than one-quarter of an inch of measurable precipitation to the Memphis territory. Daytime temperatures were in the 80s and overnight lows were in the 70s. Cotton extension specialists reported that boll loads were heavy in most cases and retention was very good. Producers were advised to closely scout fields for bollworm infestations and spray to control outbreaks where necessary in late-maturing cotton fields. The crop made excellent progress and boll-setting surged across the region. According to the National Agricultural Statistics Service’s (NASS) Crop Progress report released August 7, boll-setting reached 97 percent in Arkansas, 69 in Missouri, and 88 percent in Tennessee. NASS also reported that the condition of the crop in Arkansas was unchanged at 51 percent good, compared with 47 percent in Missouri and 56 percent in good condition in Tennessee.
South Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was light. Average local spot prices were steady. Trading of CCC-loan equities was inactive. No forward contracting was reported. Mostly cloudy and warm conditions characterized the weather pattern during the week. A series of heavy thunderstorms brought several inches of precipitation to the area. Flash-flooding was reported in parts of Mississippi. The moisture was generally beneficial to the cotton crop, but hindered the efforts of producers to harvest corn. Producers were hoping for clear weather to allow the crop to finish well. Daytime temperatures were in the 80s and overnight lows were in the 70s. The crop made excellent progress and boll-setting surged across the region. Local experts reported that boll loads were heavy and retention was very good in most cases. According to the National Agricultural Statistics Service’s (NASS) Crop Progress report released August 7, boll-setting reached 94 percent in Louisiana and 81 percent in Mississippi. NASS also reported that 73 percent of the crop was in good condition in Louisiana, compared with 47 percent in Mississippi.
Trading North Delta A light volume of color 63 and better, leaf 6 and better, staple 33 and longer, mike averaging 49.3, strength averaging 27.9, and uniformity averaging 80.8 sold at around 54.00 cents per pound, FOB car/truck (Rule 5, compression charges paid).
No trading activity was reported.
South Delta
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Southwestern Markets Regional Summary
Jane Byers-Angle Lubbock, TX [email protected]
East Texas Spot cotton trading was moderate. Supplies and producer offerings were moderate. Demand was very good. Average local spot prices were higher. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were light-to-moderate. Interest was best from China, Indonesia, and Turkey. In Corpus Christi and surrounding counties, harvesting made good progress with daytime temperatures in the low to mid-90s early in the reporting period. Untimely rainfall was received in the Upper Coast and parts of the Rio Grande Valley where cotton was open and exposed to the elements. Most gins were operating at capacity. In central Texas, beneficial rainfall was received in the northern Blackland Prairies. Approximately 50 percent of the stands had open bolls and initial defoliation treatments had been applied, according to local reports. Preliminary harvesting was expected to begin in about two weeks. The rain was untimely for fields in the southern Blackland Prairies that had already been treated with defoliants and pre-harvest aid chemicals. The rain, along with humid conditions, added to excessive moisture and created more difficulties for the plant to dry before harvest. Dry, open weather is needed in areas where harvesting was beginning to get underway. In Kansas, a slow-soaking general rainfall helped advance the crop. Fields were blooming. Industry experts suggested some fields had the potential to yield as much as 3 bales per dryland acre. In Oklahoma, producers were encouraged with progress. Local reports indicated that some unofficial counts had enough fruit to yield 4 bales per acre in dryland fields. The plants are expected to shed some fruit as they mature, which is normal. The Oklahoma Boll Weevil Eradication Organization released information that harvesting
equipment coming from two eradication areas in Texas (lower Rio Grande Valley eradication zone and east Texas maintenance area) has to be certified as boll weevil free prior to moving into the state. The equipment must be inspected and a USDA-APHIS phytosanitary certificate issued before equipment can be transported from these areas. The combined effort continues to help keep the boll weevil from reemerging in Oklahoma. West Texas Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was very light. Average local spot prices were higher. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were light-to-moderate. Interest was best from China, Indonesia, and Turkey. A timely, slow-soaking rainfall was received that greatly benefited the crop. The stands were mostly in the blooming stages and the rain came during a period when the plants were in a high water use pattern. Producers were very encouraged with the additional precipitation. Irrigation wells were turned off. Fieldwork was stalled as rainy conditions prevailed throughout the reporting period. Daytime temperatures were in the upper 80s to mid-90s, and in the lower 70s at night. Insect pests varied; controls will be applied once threshold levels are met. Meetings and teleconferences were attended to discuss current crop and market conditions. The Lubbock Cotton Exchange, Fiber & Biopolymer Research Institute, and Texas Tech University are hosting the 37th session of the Texas International Cotton School (TICS) on August 7-18. TICS provides a unique educational opportunity to gain knowledge about the Texas cotton industry and how it interfaces with global cotton and textile markets.
Trading East Texas
In Texas, a light volume of new-crop mostly color 22 and better, leaf 2 and better, staple 34 and 35, mike 37-41, strength 25-29, and uniformity 78-81 sold for around 70.00 cents per pound, FOB warehouse (compression charges not paid). Mixed lots containing a light volume of mostly color 22 and 32, leaf 2 and 3, staple 33 and 34, mike 37-40, strength 26-27, and uniformity 79-80 sold for around 66.75 cents, same terms as above. A light volume of color 31 and 41, leaf 2 and 3, staple mostly 34, mike 35-50, strength 27-31, and uniformity 79-82 sold for around 66.25 cents, same terms as above. West Texas
A mixed lot of 2016-crop cotton containing mostly color 41 and better, leaf 4 and better, staple 32, mike averaging 47.2, strength averaging 27.5, and uniformity averaging 78.7 sold for around 68.25 cents per pound, FOB car/truck (compression charges not paid).
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Western Markets Regional Summary
Maria Townsend Visalia, CA [email protected]
Desert Southwest (DSW) Spot cotton trading was inactive. Supplies and demand were light. Average local prices were steady. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Hot, dry conditions advanced defoliation activities in Yuma, Arizona. Harvesting gained momentum. Modules were stored in fields and some were moved to the gin. No ginning was reported. The crop made good progress in central Arizona and the Safford Valley. Some fields were defoliated in central Arizona. No rainfall was recorded in the period. Thunderstorms produced around one-half of an inch of rainfall early in the period for New Mexico and around one-tenth of an inch in El Paso, Texas. The crop made good progress. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies were moderate. Demand was light. Average local spot prices were steady. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Some merchants were busy managing south Texas cotton interests. Humid conditions were prevalent early in the period, as monsoon moisture entered the state. No rainfall was received on the Valley floor. The crop made good progress, but varied, with some fields in full bloom. The crop is considered to be about 10 to 14 days behind schedule. Concerns about yields mount as some sources
reported insect damage occurred on bottom bolls and overall lateness of some plantings. Significant insect pressure throughout the growing season has made this an expensive crop to manage. American Pima (AP) Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were steady. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were good for new-crop cotton. Interest was best from China, India, and Pakistan. According to the Foreign Agricultural Service’s Export Sales report, approximately 185,700 bales of 2017-crop AP was committed for the week ending August 3, 2017. New Mexico and El Paso, Texas received one-half of an inch to one-tenth of an inch; respectively. Hot, dry conditions advanced fieldwork in Yuma, Arizona. Monsoonal humidity produced no rainfall in the San Joaquin Valley (SJV). No rainfall was received in cotton-growing areas of western and central Arizona. Fields were defoliated in Yuma, Arizona. Harvesting gained momentum. Modules were stored in fields or transported to the gin yard. Ginning was expected to begin in early September. Limited defoliation began in fields in central Arizona. Industry sources were concerned about yield potential in the SJV. Pesticide treatments continued as pressure from lygus and aphid mounted. The crop made good progress in New Mexico, and El Paso, Texas.
Trading
No trading activity was reported. No trading activity was reported. No trading activity was reported.
Desert Southwest
San Joaquin Valley
American Pima
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Crop Pictures
Photo Credits: Jerri Lynn Miller, Miller Farms
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Crop Production The following information was excerpted from the National Agricultural Statistics Service Crop Production report, released on August 10, 2017 All cotton production is forecast at 20.5 million 480-pound bales, up 20 percent from last year. Yield is expected to average 892 pounds per harvested acre, up 25 pounds from last year. Upland cotton production is forecast at 19.8 million 480-pound bales, up 19 percent from 2016. Pima cotton production is forecast at 770,000 bales, up 35 percent from last year.
For complete Crop Production report click here.
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Ginnings
For complete Ginnings report click here.
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Supply & Demand The following information was excerpted from the World Agricultural Supply and Demand Estimates, released on August 10, 2017 The first survey of U.S. 2017 crop production indicates a crop of 20.5 million bales, 1.5 million above last month and the largest production in 11 years. The larger crop is partially offset by lower beginning stocks which are reduced 400,000 bales to 2.8 million due to an increase in final 2016/17 exports. Domestic mill use for 2017/18 is lowered 50,000 bales, but exports are raised 700,000 based on the larger supply and strong early-season commitments. Ending stocks are now projected at 5.8 million bales which, if realized, would be the largest since 2008/09. The forecast range for the marketing year average price received by producers of 55 to 67 cents per pound is narrowed 1 cent on each end, with the midpoint unchanged at 61 cents. Sharply larger production is raising this month’s 2017/18 global stock forecasts. World production increased 1.9 million bales, as higher production in the United States, China, and Benin is partially offset by a reduction for Turkey. The forecast for China’s crop is raised 500,000 bales mainly on higher area. World consumption for 2017/18 is forecast 375,000 bales higher this month, largely due to a 500,000-bale increase for China. At 3.3 percent, growth in world cotton consumption in 2017/18 is projected at its highest rate in 5 years. World 2017/18 ending stocks are now projected at 90.1 million bales, an increase of 1.4 million from the July forecast, and 100,000 above 2016/17.
For complete Supply & Demand report click here.
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World market prices for upland cotton, in cents per pound, in effect from 12:01 a.m., EDT, Friday through midnight, EDT, Thursday 2016-2017 and 2017-2018 Description
July
July
July
July 28
August
August
7-13
14-20
21-27
August 3
4-10
11-17
Adjusted world price 1/
65.33
65.47
64.90
66.29
63.41
62.46
Course count adjustment
0.00
0.00
0.00
0.00
0.00
0.00
Fine count adjustment 2016
0.00
0.00
0.00
0.00
0.00
0.44
Fine count adjustment 2017
0.00
0.00
0.00
0.00
0.15
0.59
Loan Deficiency Payment (LDP)
0.00
0.00
0.00
0.00
0.00
0.00
1/ Color 41, leaf 4, staple 34, mike 35-36 & 43-49, strength readings of 26.0-28.9 grams per tex, length uniformity of 80.0-81.9 percent. Source: Farm Service Agency, USDA. Marketing Years Description
2016-2017
2017-2018
Through August 4, 2016
Through August 3, 2017
Week
Mkt. Year
Outstanding sales
-
Exports
111,800 -
3,438,100
New sales
132,100
-
76,800
-
Buy-backs and cancellations
100
-
900
-
132,000
-
75,800
-
0
295,000
0
465,900
Total export commitments
Net sales Sales next marketing year
Week
Mkt. Year
3,326,300
-
5,829,000
111,800
114,000
114,000 5,943,000
Net sales for 2017/2018, which began August 1, totaled 75,800 RB. Increases reported for Vietnam (25,100 RB), Thailand (15,800 RB), Mexico (10,000 RB), Pakistan (7,700 RB), and China (7,400 RB), were partially offset by decreases for Japan (2,400 RB). A total of 745,300 RB in sales were carried over from the 2016/2017 marketing year, which ended July 31. Exports for the period ending July 31 of 102,200 RB brought accumulated exports to 13,823,100 RB, up 64 percent from the prior year’s total of 8,419,600 RB. The primary destinations were Vietnam (22,800 RB), Turkey (21,700 RB), Mexico (12,800 RB), South Korea (8,500 RB), and Indonesia (5,800 RB). Exports for August 1-3 totaled 114,000 RB, with Turkey (30,400 RB), Vietnam (27,700 RB), China (14,700 RB), India (9,700 RB), and Mexico (8,800 RB) being the primary destinations. Net sales of Pima for 2017/2018 totaled 1,400 RB. Increases reported for China (2,400 RB), India (1,700 RB), and Mexico (100 RB), were partially offset by decreases for Hong Kong (2,400 RB) and Peru (400 RB). A total of 42,800 RB in sales were carried over from the 2016/2017 marketing year, which ended July 31. Exports for the period ending July 31 of 500 RB brought accumulated exports to 590,500 RB, up 15 percent from the prior year’s total of 513,300 RB. The destinations were Peru (400 RB) and El Salvador (100 RB). Exports for August 1-3 totaled 5,300 RB, with China (3,100 RB), Switzerland (1,300 RB), and Indonesia (400 RB) being the primary destinations. Optional Origin Sales: The current optional origin outstanding balance for 2016/2017 of 7,900 RB is for Indonesia. Exports for Own Account: New exports for own account totaling 1,400 RB were reported for Indonesia. The current outstanding balance of 70,700 RB is for Indonesia (47,900 RB), Taiwan (13,100 RB), India (3,800 RB), Bangladesh (2,800 RB), South Korea (2,100 RB), Vietnam (500 RB), and Pakistan (500 RB).
Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
August 10, 2017
10
Number of Bales in Certificated Stocks
Stocks as of 8-10-2017
Awaiting Review
Non-Rain Grown Cotton
Dallas/FT. Worth, TX
9,151
0
0
Galveston, TX
2,144
0
0
Greenville, SC
57
0
0
Houston, TX
165
0
0
Memphis, TN
7,913
0
0
Total
19,430
0
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 70.30 71.55 72.05 73.55
SOUTHEAST 41-4 51-5 68.80 65.30 70.80 66.30 71.30 66.80 73.05 67.05 21-2 65.50 66.00 67.75 69.25 70.75 71.50 72.25 72.25
42-4 66.55 68.05 68.05 68.30
31-3 69.05 70.80 71.30 73.55
EAST TEXAS-OKLAHOMA 31-3 41-4 64.75 63.25 65.50 64.75 67.50 65.75 69.25 68.50 70.00 68.50 70.25 69.00 70.50 69.25 70.50 70.50
NORTH DELTA 41-4 51-5 67.30 62.80 70.05 64.30 70.55 65.30 71.80 65.55 42-4 62.25 63.25 64.00 67.50 67.50 67.75 67.75 67.75
21-2 65.75 66.75 68.75 69.25 71.25 71.50 72.25 72.25
42-4 65.55 66.30 67.05 67.05
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 64.25 62.50 66.00 64.50 67.75 65.25 68.50 68.50 70.00 68.50 70.75 69.25 71.25 69.75 71.50 70.50
42-4 61.50 63.25 64.25 66.25 67.00 68.75 68.75 68.75
SOUTH DELTA 41-4 51-5 67.30 62.80 70.05 64.30 70.55 65.30 71.80 65.55
31-3 69.05 70.80 71.30 73.55
Staple 26-31 32 33 34 35 36 37 38
21-2
71.20 77.45 80.95 82.45 84.70
42-4 65.55 66.30 67.05 67.30
21-2 65.05 67.30 71.55 72.15
SAN JOAQUIN VALLEY 31-3 41-4
69.70 75.95 79.45 80.70 82.45
67.05 69.05 69.85 69.95 69.95
DESERT SOUTHWEST 31-3 41-4 64.30 59.80 66.55 66.05 70.05 66.30 71.40 66.40
51-5 58.05 58.55 60.30 60.55
32-3
66.55 69.05 69.80 70.30 71.30
MIKE DIFFERENCES - POINTS PER POUND
SOUTHEAST
-425 -350 -300 -250 -200 -25 0 0 25 50 50
NORTH DELTA
SOUTH DELTA
-300 -250 -200 -175 -150 -25 0 0 25 50 50
-275 -225 -200 -175 -150 -25 0 0 25 50 50
SOUTH-
NORTH
SOUTH
E. TX
EAST
DELTA
DELTA
-825 -425 -275 -150 0 0 0 -200 -375
-1000 -650 -325 -125 0 25 0 -225 -375
-1100 -750 -325 -125 0 25 0 -225 -375
OK -1100 -1000 -750 -500 -350 0 0 0 -225 -400
STRENGTH DIFFERENCES E. TX Grams WEST OK per tex TEXAS -250 19.0 - 19.9 -250 -250 20.0 - 20.9 -250 -225 21.0 - 21.9 -225 -200 22.0 - 22.9 -200 -175 23.0 - 23.9 -175 -175 24.0 - 24.9 -175 -150 25.0 - 25.9 -150 -100 26.0 - 26.9 -100 0 Base 27.0 - 28.9 0 0 29.0 - 29.9 0 25 30.0 - 30.9 25 25 31.0 - 32.9 25 25 33.0 & above 25
Mike Ranges 24 & Below 25-26 27-29 30-32 33-34 Base 35-36 37-42 Base 43-49 50-52 53 & Above
DESERT SW
SJ VALLEY
-600 -450 -300 -225 -200 -125 0 0 25 50 100
-500 -400 -300 0 0 75 125 250
AVG. -250 -250 -342 -279 -225 -239 -200 -100 0 0 32 54 79
SOUTHEAST -125 -110 -100 -25 0 0 20 30 40 50
NORTH DELTA -90 -80 -70 0 0 0 30 40 50 60
WEST
DESERT
SJ
TEXAS -1100 -1000 -750 -500 -350 0 0 0 -225 -400
SW -1200 -1000 -900 -500 -300 0 25 0 -300 -550
VALLEY
SOUTH DELTA -90 -80 -70 0 0 0 30 40 50 60
UNIFORMITY DIFFERENCES E. TX Unit WEST OK TEXAS -90 77 & below -90 -75 78 -75 -60 79 -60 0 80 0 0 Base 81 0 0 82 0 10 83 0 10 84 10 20 85 20 30 86 & above 30
-1600 -1000 -500 0 25 0 -500
AVG. -1133 -988 -832 -489 -271 0 14 0 -271 -413 DESERT SW -100 -90 -80 0 0 0 30 40 50 60
SJ VALLEY -60 -50 -40 0 0 50 80 90 100 110
AVG. -92 -80 -69 -4 0 7 29 37 47 57
August 10, 2017
11
American Pima quotations are for cotton equal to the Official Standards, net weight, in mixed lots, UD Free, FOB warehouse. 1/
AMERICAN PIMA SPOT QUOTATIONS Color 1
Leaf
Staple 44
46
48
1
138.50
146.50
147.75
2
138.25
146.25
147.50
3
130.50
137.50
137.75
1
138.25
146.25
147.50
2
138.00
146.00
147.25
3
130.25
137.25
137.50
4
120.25
127.75
128.00
4
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on February 3, 2017.
5 6 2
3
Mike Range
Diff.
5
26 & Below
-1900
6
27-29
-1400
30-32
-900
1
128.00
135.00
135.25
2
125.50
132.50
132.75
33-34
-400
3
124.25
131.25
131.50
35 & Above
0
4
115.25
122.25
122.50
5
99.25
105.75
106.00 Strength
6 4
1
109.00
116.00
117.00
2
108.75
115.75
116.25
Range
Diff.
3
108.50
115.50
115.50
35.4 & Below
-1350
4
103.50
110.50
110.50
35.5-36.4
-1100
5
92.25
99.25
99.25
36.5-37.4
-850
37.5 & Above
0
6 5
6
(Grams per Tex)
1 2
88.00
97.25
97.25
3
88.00
96.75
97.25
4
88.00
91.25
91.25
5
87.75
91.00
91.00
Extraneous Matter
6
Level
1
Prep
2
80.25
82.50
82.50
3
80.25
82.50
82.50
1 2
4
80.25
82.50
82.50
Other
5
80.00
82.25
82.25
1 2
Diff. -810 -1095 -715
6 79.50 81.75 81.75 -1035 1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
August 10, 2017
12
Weekly Cotton Market Review
Cotton and Tobacco Program Cotton Market News Division 3275 Appling Road Memphis, TN 38133 901.384.3016
Vol. 99 No. 2 August 11, 2017 Inside this Issue Market Overview Price Support Spot Quotations
ICE Futures A Index
Average quotations were 28 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 68.36 cents per pound for the week ending Thursday, August 10, 2017. The weekly average was up from 68.08 last week, but down from 72.06 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 69.19 cents Tuesday, August 8 to a season low of 66.94 cents Thursday, August 10. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended August 10 totaled 3,563 bales. This compares to 2,088 bales reported last week and 4,061 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 5,651 bales compared to 6,064 bales the corresponding week a year ago. The ICE October settlement prices ended the week at 69.26 cents, compared to 71.55 cents last week.
Southeastern Textile Mill Report South Central Southwestern Western Crop Production Ginnings
Supply & Demand Cotton Market Reports
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Source: USDA, AMS, Cotton and Tobacco Program
Southeastern Markets Regional Summary
Danny Pino Macon, GA [email protected]
Spot cotton trading was slow. Supplies and producer offerings were light. Demand was moderate. Average local spot prices were steady. Trading of CCC-loan equities was inactive. Widespread thunderstorms moved across the lower Southeast during the week and moderately heavy rainfall was received in areas from the Gulf to Atlantic coastal regions. Hot and muggy conditions abated during the week as slightly cooler daytime highs were observed in the low 80s to low 90s. Weekly accumulated precipitation totals measured from 1 to 3 inches in areas of Alabama, the Florida panhandle, and south Georgia. Although much of south Alabama has received heavy moisture in recent weeks, reports indicated the rainfall was mostly beneficial and will enhance boll-setting and plant development. In Georgia, local experts reported that recent weather conditions were very favorable for development of target spot. Producers were encouraged to monitor plants and apply fungicides in fields where the disease was becoming established. Producers scouted fields for whiteflies and applied treatments to fields that met threshold limits. In the Carolinas and Virginia, day-to-day scattered thundershowers brought around 1 to 2 inches of accumulated moisture to coastal areas. Local experts
reported light insect pressure and most fields were sub-threshold for pests. However, some fields were sprayed for stink bugs and the application of growth regulators was underway. Squaring neared completion across the region, but boll-setting was slightly behind the normal pace in all states except Virginia. According to the National Agricultural Statistics Service’s Crop Progress report released August 7, boll-setting reached 78 percent in Georgia, 75 in Alabama and Virginia, 74 in North Carolina, and 67 percent completed in South Carolina. Textile Mill Domestic mill buyers inquired for a moderate volume of 2017-crop cotton, color 51 and better, leaf 5 and better, and staple 34 and longer for fourth quarter 2017 through second quarter 2018 delivery. Demand was also good for color 41, leaf 4, and staple 34 and longer for December/January 2018 delivery. No sales were reported. Most mills operate five to seven days. Demand through export channels was moderate. Representatives for mills in Peru purchased a moderate volume of 2017-crop cotton, color 41 and 42, leaf 4, and staple 35 and 36 for January 2018 shipment.
Trading
A light volume of 2015-crop and 2016-crop cotton, color 42-62, leaf 4-6, staple 33-36, mike 43-52, strength 27-31, and uniformity 78-81 sold for around 60.00 cents per pound, FOB car/truck (Rule 5, compression charges paid).
A light volume of 2015-crop and 2016-crop cotton, color 53 and 63, leaf 4 and 5, staple 33-35, mike 43-52, strength 28-31, and uniformity 78-81 sold for around 55.00 cents, same terms as above.
A heavy volume mixed lot of 2014-crop and 2015-crop cotton, color 84 and better, leaf 3-5, staple 33 and longer, mike mostly 48-53, strength 26-30, and uniformity 78-82 sold for around 54.00 cents, same terms as above.
2
South Central Markets Regional Summary
Jeff Carnahan Memphis, TN [email protected]
North Delta Spot cotton trading was slow. Supplies of available cotton were light. Demand was light. Average local spot prices were steady. Trading of CCC-loan equities was inactive. No forward contracting was reported. Mostly clear to partly cloudy and warm conditions characterized the weather pattern during the week. A few pop-up thunderstorms brought less than one-quarter of an inch of measurable precipitation to the Memphis territory. Daytime temperatures were in the 80s and overnight lows were in the 70s. Cotton extension specialists reported that boll loads were heavy in most cases and retention was very good. Producers were advised to closely scout fields for bollworm infestations and spray to control outbreaks where necessary in late-maturing cotton fields. The crop made excellent progress and boll-setting surged across the region. According to the National Agricultural Statistics Service’s (NASS) Crop Progress report released August 7, boll-setting reached 97 percent in Arkansas, 69 in Missouri, and 88 percent in Tennessee. NASS also reported that the condition of the crop in Arkansas was unchanged at 51 percent good, compared with 47 percent in Missouri and 56 percent in good condition in Tennessee.
South Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was light. Average local spot prices were steady. Trading of CCC-loan equities was inactive. No forward contracting was reported. Mostly cloudy and warm conditions characterized the weather pattern during the week. A series of heavy thunderstorms brought several inches of precipitation to the area. Flash-flooding was reported in parts of Mississippi. The moisture was generally beneficial to the cotton crop, but hindered the efforts of producers to harvest corn. Producers were hoping for clear weather to allow the crop to finish well. Daytime temperatures were in the 80s and overnight lows were in the 70s. The crop made excellent progress and boll-setting surged across the region. Local experts reported that boll loads were heavy and retention was very good in most cases. According to the National Agricultural Statistics Service’s (NASS) Crop Progress report released August 7, boll-setting reached 94 percent in Louisiana and 81 percent in Mississippi. NASS also reported that 73 percent of the crop was in good condition in Louisiana, compared with 47 percent in Mississippi.
Trading North Delta A light volume of color 63 and better, leaf 6 and better, staple 33 and longer, mike averaging 49.3, strength averaging 27.9, and uniformity averaging 80.8 sold at around 54.00 cents per pound, FOB car/truck (Rule 5, compression charges paid).
No trading activity was reported.
South Delta
3
Southwestern Markets Regional Summary
Jane Byers-Angle Lubbock, TX [email protected]
East Texas Spot cotton trading was moderate. Supplies and producer offerings were moderate. Demand was very good. Average local spot prices were higher. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were light-to-moderate. Interest was best from China, Indonesia, and Turkey. In Corpus Christi and surrounding counties, harvesting made good progress with daytime temperatures in the low to mid-90s early in the reporting period. Untimely rainfall was received in the Upper Coast and parts of the Rio Grande Valley where cotton was open and exposed to the elements. Most gins were operating at capacity. In central Texas, beneficial rainfall was received in the northern Blackland Prairies. Approximately 50 percent of the stands had open bolls and initial defoliation treatments had been applied, according to local reports. Preliminary harvesting was expected to begin in about two weeks. The rain was untimely for fields in the southern Blackland Prairies that had already been treated with defoliants and pre-harvest aid chemicals. The rain, along with humid conditions, added to excessive moisture and created more difficulties for the plant to dry before harvest. Dry, open weather is needed in areas where harvesting was beginning to get underway. In Kansas, a slow-soaking general rainfall helped advance the crop. Fields were blooming. Industry experts suggested some fields had the potential to yield as much as 3 bales per dryland acre. In Oklahoma, producers were encouraged with progress. Local reports indicated that some unofficial counts had enough fruit to yield 4 bales per acre in dryland fields. The plants are expected to shed some fruit as they mature, which is normal. The Oklahoma Boll Weevil Eradication Organization released information that harvesting
equipment coming from two eradication areas in Texas (lower Rio Grande Valley eradication zone and east Texas maintenance area) has to be certified as boll weevil free prior to moving into the state. The equipment must be inspected and a USDA-APHIS phytosanitary certificate issued before equipment can be transported from these areas. The combined effort continues to help keep the boll weevil from reemerging in Oklahoma. West Texas Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was very light. Average local spot prices were higher. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were light-to-moderate. Interest was best from China, Indonesia, and Turkey. A timely, slow-soaking rainfall was received that greatly benefited the crop. The stands were mostly in the blooming stages and the rain came during a period when the plants were in a high water use pattern. Producers were very encouraged with the additional precipitation. Irrigation wells were turned off. Fieldwork was stalled as rainy conditions prevailed throughout the reporting period. Daytime temperatures were in the upper 80s to mid-90s, and in the lower 70s at night. Insect pests varied; controls will be applied once threshold levels are met. Meetings and teleconferences were attended to discuss current crop and market conditions. The Lubbock Cotton Exchange, Fiber & Biopolymer Research Institute, and Texas Tech University are hosting the 37th session of the Texas International Cotton School (TICS) on August 7-18. TICS provides a unique educational opportunity to gain knowledge about the Texas cotton industry and how it interfaces with global cotton and textile markets.
Trading East Texas
In Texas, a light volume of new-crop mostly color 22 and better, leaf 2 and better, staple 34 and 35, mike 37-41, strength 25-29, and uniformity 78-81 sold for around 70.00 cents per pound, FOB warehouse (compression charges not paid). Mixed lots containing a light volume of mostly color 22 and 32, leaf 2 and 3, staple 33 and 34, mike 37-40, strength 26-27, and uniformity 79-80 sold for around 66.75 cents, same terms as above. A light volume of color 31 and 41, leaf 2 and 3, staple mostly 34, mike 35-50, strength 27-31, and uniformity 79-82 sold for around 66.25 cents, same terms as above. West Texas
A mixed lot of 2016-crop cotton containing mostly color 41 and better, leaf 4 and better, staple 32, mike averaging 47.2, strength averaging 27.5, and uniformity averaging 78.7 sold for around 68.25 cents per pound, FOB car/truck (compression charges not paid).
4
Western Markets Regional Summary
Maria Townsend Visalia, CA [email protected]
Desert Southwest (DSW) Spot cotton trading was inactive. Supplies and demand were light. Average local prices were steady. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Hot, dry conditions advanced defoliation activities in Yuma, Arizona. Harvesting gained momentum. Modules were stored in fields and some were moved to the gin. No ginning was reported. The crop made good progress in central Arizona and the Safford Valley. Some fields were defoliated in central Arizona. No rainfall was recorded in the period. Thunderstorms produced around one-half of an inch of rainfall early in the period for New Mexico and around one-tenth of an inch in El Paso, Texas. The crop made good progress. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies were moderate. Demand was light. Average local spot prices were steady. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Some merchants were busy managing south Texas cotton interests. Humid conditions were prevalent early in the period, as monsoon moisture entered the state. No rainfall was received on the Valley floor. The crop made good progress, but varied, with some fields in full bloom. The crop is considered to be about 10 to 14 days behind schedule. Concerns about yields mount as some sources
reported insect damage occurred on bottom bolls and overall lateness of some plantings. Significant insect pressure throughout the growing season has made this an expensive crop to manage. American Pima (AP) Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were steady. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were good for new-crop cotton. Interest was best from China, India, and Pakistan. According to the Foreign Agricultural Service’s Export Sales report, approximately 185,700 bales of 2017-crop AP was committed for the week ending August 3, 2017. New Mexico and El Paso, Texas received one-half of an inch to one-tenth of an inch; respectively. Hot, dry conditions advanced fieldwork in Yuma, Arizona. Monsoonal humidity produced no rainfall in the San Joaquin Valley (SJV). No rainfall was received in cotton-growing areas of western and central Arizona. Fields were defoliated in Yuma, Arizona. Harvesting gained momentum. Modules were stored in fields or transported to the gin yard. Ginning was expected to begin in early September. Limited defoliation began in fields in central Arizona. Industry sources were concerned about yield potential in the SJV. Pesticide treatments continued as pressure from lygus and aphid mounted. The crop made good progress in New Mexico, and El Paso, Texas.
Trading
No trading activity was reported. No trading activity was reported. No trading activity was reported.
Desert Southwest
San Joaquin Valley
American Pima
5
Crop Pictures
Photo Credits: Jerri Lynn Miller, Miller Farms
6
Crop Production The following information was excerpted from the National Agricultural Statistics Service Crop Production report, released on August 10, 2017 All cotton production is forecast at 20.5 million 480-pound bales, up 20 percent from last year. Yield is expected to average 892 pounds per harvested acre, up 25 pounds from last year. Upland cotton production is forecast at 19.8 million 480-pound bales, up 19 percent from 2016. Pima cotton production is forecast at 770,000 bales, up 35 percent from last year.
For complete Crop Production report click here.
7
Ginnings
For complete Ginnings report click here.
8
Supply & Demand The following information was excerpted from the World Agricultural Supply and Demand Estimates, released on August 10, 2017 The first survey of U.S. 2017 crop production indicates a crop of 20.5 million bales, 1.5 million above last month and the largest production in 11 years. The larger crop is partially offset by lower beginning stocks which are reduced 400,000 bales to 2.8 million due to an increase in final 2016/17 exports. Domestic mill use for 2017/18 is lowered 50,000 bales, but exports are raised 700,000 based on the larger supply and strong early-season commitments. Ending stocks are now projected at 5.8 million bales which, if realized, would be the largest since 2008/09. The forecast range for the marketing year average price received by producers of 55 to 67 cents per pound is narrowed 1 cent on each end, with the midpoint unchanged at 61 cents. Sharply larger production is raising this month’s 2017/18 global stock forecasts. World production increased 1.9 million bales, as higher production in the United States, China, and Benin is partially offset by a reduction for Turkey. The forecast for China’s crop is raised 500,000 bales mainly on higher area. World consumption for 2017/18 is forecast 375,000 bales higher this month, largely due to a 500,000-bale increase for China. At 3.3 percent, growth in world cotton consumption in 2017/18 is projected at its highest rate in 5 years. World 2017/18 ending stocks are now projected at 90.1 million bales, an increase of 1.4 million from the July forecast, and 100,000 above 2016/17.
For complete Supply & Demand report click here.
9
World market prices for upland cotton, in cents per pound, in effect from 12:01 a.m., EDT, Friday through midnight, EDT, Thursday 2016-2017 and 2017-2018 Description
July
July
July
July 28
August
August
7-13
14-20
21-27
August 3
4-10
11-17
Adjusted world price 1/
65.33
65.47
64.90
66.29
63.41
62.46
Course count adjustment
0.00
0.00
0.00
0.00
0.00
0.00
Fine count adjustment 2016
0.00
0.00
0.00
0.00
0.00
0.44
Fine count adjustment 2017
0.00
0.00
0.00
0.00
0.15
0.59
Loan Deficiency Payment (LDP)
0.00
0.00
0.00
0.00
0.00
0.00
1/ Color 41, leaf 4, staple 34, mike 35-36 & 43-49, strength readings of 26.0-28.9 grams per tex, length uniformity of 80.0-81.9 percent. Source: Farm Service Agency, USDA. Marketing Years Description
2016-2017
2017-2018
Through August 4, 2016
Through August 3, 2017
Week
Mkt. Year
Outstanding sales
-
Exports
111,800 -
3,438,100
New sales
132,100
-
76,800
-
Buy-backs and cancellations
100
-
900
-
132,000
-
75,800
-
0
295,000
0
465,900
Total export commitments
Net sales Sales next marketing year
Week
Mkt. Year
3,326,300
-
5,829,000
111,800
114,000
114,000 5,943,000
Net sales for 2017/2018, which began August 1, totaled 75,800 RB. Increases reported for Vietnam (25,100 RB), Thailand (15,800 RB), Mexico (10,000 RB), Pakistan (7,700 RB), and China (7,400 RB), were partially offset by decreases for Japan (2,400 RB). A total of 745,300 RB in sales were carried over from the 2016/2017 marketing year, which ended July 31. Exports for the period ending July 31 of 102,200 RB brought accumulated exports to 13,823,100 RB, up 64 percent from the prior year’s total of 8,419,600 RB. The primary destinations were Vietnam (22,800 RB), Turkey (21,700 RB), Mexico (12,800 RB), South Korea (8,500 RB), and Indonesia (5,800 RB). Exports for August 1-3 totaled 114,000 RB, with Turkey (30,400 RB), Vietnam (27,700 RB), China (14,700 RB), India (9,700 RB), and Mexico (8,800 RB) being the primary destinations. Net sales of Pima for 2017/2018 totaled 1,400 RB. Increases reported for China (2,400 RB), India (1,700 RB), and Mexico (100 RB), were partially offset by decreases for Hong Kong (2,400 RB) and Peru (400 RB). A total of 42,800 RB in sales were carried over from the 2016/2017 marketing year, which ended July 31. Exports for the period ending July 31 of 500 RB brought accumulated exports to 590,500 RB, up 15 percent from the prior year’s total of 513,300 RB. The destinations were Peru (400 RB) and El Salvador (100 RB). Exports for August 1-3 totaled 5,300 RB, with China (3,100 RB), Switzerland (1,300 RB), and Indonesia (400 RB) being the primary destinations. Optional Origin Sales: The current optional origin outstanding balance for 2016/2017 of 7,900 RB is for Indonesia. Exports for Own Account: New exports for own account totaling 1,400 RB were reported for Indonesia. The current outstanding balance of 70,700 RB is for Indonesia (47,900 RB), Taiwan (13,100 RB), India (3,800 RB), Bangladesh (2,800 RB), South Korea (2,100 RB), Vietnam (500 RB), and Pakistan (500 RB).
Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
August 10, 2017
10
Number of Bales in Certificated Stocks
Stocks as of 8-10-2017
Awaiting Review
Non-Rain Grown Cotton
Dallas/FT. Worth, TX
9,151
0
0
Galveston, TX
2,144
0
0
Greenville, SC
57
0
0
Houston, TX
165
0
0
Memphis, TN
7,913
0
0
Total
19,430
0
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 70.30 71.55 72.05 73.55
SOUTHEAST 41-4 51-5 68.80 65.30 70.80 66.30 71.30 66.80 73.05 67.05 21-2 65.50 66.00 67.75 69.25 70.75 71.50 72.25 72.25
42-4 66.55 68.05 68.05 68.30
31-3 69.05 70.80 71.30 73.55
EAST TEXAS-OKLAHOMA 31-3 41-4 64.75 63.25 65.50 64.75 67.50 65.75 69.25 68.50 70.00 68.50 70.25 69.00 70.50 69.25 70.50 70.50
NORTH DELTA 41-4 51-5 67.30 62.80 70.05 64.30 70.55 65.30 71.80 65.55 42-4 62.25 63.25 64.00 67.50 67.50 67.75 67.75 67.75
21-2 65.75 66.75 68.75 69.25 71.25 71.50 72.25 72.25
42-4 65.55 66.30 67.05 67.05
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 64.25 62.50 66.00 64.50 67.75 65.25 68.50 68.50 70.00 68.50 70.75 69.25 71.25 69.75 71.50 70.50
42-4 61.50 63.25 64.25 66.25 67.00 68.75 68.75 68.75
SOUTH DELTA 41-4 51-5 67.30 62.80 70.05 64.30 70.55 65.30 71.80 65.55
31-3 69.05 70.80 71.30 73.55
Staple 26-31 32 33 34 35 36 37 38
21-2
71.20 77.45 80.95 82.45 84.70
42-4 65.55 66.30 67.05 67.30
21-2 65.05 67.30 71.55 72.15
SAN JOAQUIN VALLEY 31-3 41-4
69.70 75.95 79.45 80.70 82.45
67.05 69.05 69.85 69.95 69.95
DESERT SOUTHWEST 31-3 41-4 64.30 59.80 66.55 66.05 70.05 66.30 71.40 66.40
51-5 58.05 58.55 60.30 60.55
32-3
66.55 69.05 69.80 70.30 71.30
MIKE DIFFERENCES - POINTS PER POUND
SOUTHEAST
-425 -350 -300 -250 -200 -25 0 0 25 50 50
NORTH DELTA
SOUTH DELTA
-300 -250 -200 -175 -150 -25 0 0 25 50 50
-275 -225 -200 -175 -150 -25 0 0 25 50 50
SOUTH-
NORTH
SOUTH
E. TX
EAST
DELTA
DELTA
-825 -425 -275 -150 0 0 0 -200 -375
-1000 -650 -325 -125 0 25 0 -225 -375
-1100 -750 -325 -125 0 25 0 -225 -375
OK -1100 -1000 -750 -500 -350 0 0 0 -225 -400
STRENGTH DIFFERENCES E. TX Grams WEST OK per tex TEXAS -250 19.0 - 19.9 -250 -250 20.0 - 20.9 -250 -225 21.0 - 21.9 -225 -200 22.0 - 22.9 -200 -175 23.0 - 23.9 -175 -175 24.0 - 24.9 -175 -150 25.0 - 25.9 -150 -100 26.0 - 26.9 -100 0 Base 27.0 - 28.9 0 0 29.0 - 29.9 0 25 30.0 - 30.9 25 25 31.0 - 32.9 25 25 33.0 & above 25
Mike Ranges 24 & Below 25-26 27-29 30-32 33-34 Base 35-36 37-42 Base 43-49 50-52 53 & Above
DESERT SW
SJ VALLEY
-600 -450 -300 -225 -200 -125 0 0 25 50 100
-500 -400 -300 0 0 75 125 250
AVG. -250 -250 -342 -279 -225 -239 -200 -100 0 0 32 54 79
SOUTHEAST -125 -110 -100 -25 0 0 20 30 40 50
NORTH DELTA -90 -80 -70 0 0 0 30 40 50 60
WEST
DESERT
SJ
TEXAS -1100 -1000 -750 -500 -350 0 0 0 -225 -400
SW -1200 -1000 -900 -500 -300 0 25 0 -300 -550
VALLEY
SOUTH DELTA -90 -80 -70 0 0 0 30 40 50 60
UNIFORMITY DIFFERENCES E. TX Unit WEST OK TEXAS -90 77 & below -90 -75 78 -75 -60 79 -60 0 80 0 0 Base 81 0 0 82 0 10 83 0 10 84 10 20 85 20 30 86 & above 30
-1600 -1000 -500 0 25 0 -500
AVG. -1133 -988 -832 -489 -271 0 14 0 -271 -413 DESERT SW -100 -90 -80 0 0 0 30 40 50 60
SJ VALLEY -60 -50 -40 0 0 50 80 90 100 110
AVG. -92 -80 -69 -4 0 7 29 37 47 57
August 10, 2017
11
American Pima quotations are for cotton equal to the Official Standards, net weight, in mixed lots, UD Free, FOB warehouse. 1/
AMERICAN PIMA SPOT QUOTATIONS Color 1
Leaf
Staple 44
46
48
1
138.50
146.50
147.75
2
138.25
146.25
147.50
3
130.50
137.50
137.75
1
138.25
146.25
147.50
2
138.00
146.00
147.25
3
130.25
137.25
137.50
4
120.25
127.75
128.00
4
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on February 3, 2017.
5 6 2
3
Mike Range
Diff.
5
26 & Below
-1900
6
27-29
-1400
30-32
-900
1
128.00
135.00
135.25
2
125.50
132.50
132.75
33-34
-400
3
124.25
131.25
131.50
35 & Above
0
4
115.25
122.25
122.50
5
99.25
105.75
106.00 Strength
6 4
1
109.00
116.00
117.00
2
108.75
115.75
116.25
Range
Diff.
3
108.50
115.50
115.50
35.4 & Below
-1350
4
103.50
110.50
110.50
35.5-36.4
-1100
5
92.25
99.25
99.25
36.5-37.4
-850
37.5 & Above
0
6 5
6
(Grams per Tex)
1 2
88.00
97.25
97.25
3
88.00
96.75
97.25
4
88.00
91.25
91.25
5
87.75
91.00
91.00
Extraneous Matter
6
Level
1
Prep
2
80.25
82.50
82.50
3
80.25
82.50
82.50
1 2
4
80.25
82.50
82.50
Other
5
80.00
82.25
82.25
1 2
Diff. -810 -1095 -715
6 79.50 81.75 81.75 -1035 1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
August 10, 2017
12
