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. 3 August 18, 2017 Inside this Issue Market Overview Price Support
Spot Quotations ICE Futures A Index Southeastern Textile Mill Report South Central Southwestern Western Crop Photos
Cotton and Wool Pima Quotations Cotton Market Reports
Average quotations were 245 points lower than the previous week, according to the USDA, Agricultural Marketing Service’s Cotton and Tobacco Program. Quotations for the base quality of cotton (color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength 27.0-28.9, uniformity 81.0-81.9) in the seven designated markets averaged 65.91 cents per pound for the week ending Thursday, August 17, 2017. The weekly average was down from 68.36 last week, and 66.94 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 66.92 cents Friday, August 11 to a season low of 65.36 cents Thursday, August 17. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended August 17 totaled 4,904 bales. This compares to 3,563 bales reported last week and 761 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 10,555 bales compared to 6,825 bales the corresponding week a year ago. The ICE October settlement prices ended the week at 67.45 cents, compared to 69.26 cents last week. Average Prices 41-4-34 Date Friday Monday Tuesday Wednesday Thursday
11-Aug 14-Aug 15-Aug 16-Aug 17-Aug
SE 68.49 67.75 66.93 66.80 66.70
ND 67.74 67.00 66.18 66.05 65.95
SD 67.74 67.00 66.18 66.05 65.95
ET-OK 68.00 67.75 67.00 67.00 67.00
WT 68.00 67.75 67.00 67.00 67.00
DSW 63.74 63.00 62.18 62.05 61.95
SJV 64.74 64.00 63.18 63.05 62.95
7-MKT AVG 66.92 66.32 65.52 65.43 65.36
DSW 67.74 67.00 66.18 66.05 65.95
SJV 73.64 72.90 72.08 71.95 71.85
7-MKT AVG 69.73 69.13 68.33 68.24 68.16
Average Prices 31-3-35 Date Friday Monday Tuesday Wednesday Thursday
11-Aug 14-Aug 15-Aug 16-Aug 17-Aug
SE 69.74 69.00 68.18 68.05 67.95
ND 68.99 68.25 67.43 67.30 67.20
SD 68.99 68.25 67.43 67.30 67.20
ET-OK 69.50 69.25 68.50 68.50 68.50
WT 69.50 69.25 68.50 68.50 68.50
Color 41, Leaf 4, Staple 34 Futures Settlement Subscribe to this report
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Date Friday Monday Tuesday Wednesday Thursday
11-Aug 14-Aug 15-Aug 16-Aug 17-Aug
Oct-17 69.24 68.50 67.68 67.55 67.45
Dec-17 68.25 67.75 67.16 66.82 66.91
Mar-18 May-18 Jul-18 Oct-18 68.05 68.54 68.99 67.99 67.62 68.16 68.66 67.66 66.98 67.60 68.17 67.17 66.72 67.37 67.99 66.97 66.76 67.33 67.95 66.95
Sources: USDA, AMS, Cotton and Tobacco Program, 1/ Cotlook
Far Eastern A Index 1/ Current 78.45 78.70 78.20 77.70 77.40
Southeastern Markets Regional Summary
Danny Pino Macon, GA [email protected]
Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was moderate. Average local spot prices were lower. Trading of CCC-loan equities was inactive. Partly sunny to overcast conditions prevailed across the entire Southeast during the period with daytime high temperatures in the upper 80s to lower 90s. Day-to-day showers brought 1 to 3 inches of weekly accumulated moisture to areas of south Alabama, the Florida panhandle, and Georgia. The wet weather interrupted fieldwork in some areas and delayed the timely application fungicide and other products. The crop progressed well under the hot and humid conditions and bolls had begun to crack open in some of the earliest planted fields. However, crop maturity lagged in some areas and producers would welcome a period of warm and sunny weather to invigorate plants and advance the crop. In Georgia, whiteflies had begun to appear in cotton and producers were applying treatments before fields become infested. Producers sprayed fields with insecticides to control foliage feeders in Alabama. Thundershowers brought around 1 to 2 inches of rainfall to areas of eastern North Carolina early in the period. Fieldwork was suspended in some areas due to the spotty rainfall and waterlogged soils from excessive moisture received in recent weeks. The crop advanced under the hot conditions and bolls had begun to crack open in the Carolinas. Fields were treated for worm infestations in North Carolina. Insect pressure was mostly light and easily controlled in
South Carolina and Virginia. According to the National Agricultural Statistics Service’s (NASS) Crop Progress Report released August 14, squaring neared completion and cotton setting bolls reached 91 percent completed in Virginia, 90 in Alabama, 87 in Georgia and North Carolina, and 76 percent completed in South Carolina. NASS also reported the crop condition was mostly good to excellent in South Carolina and fair to good elsewhere in the Southeast. Textile Mill Domestic mill buyers inquired for a moderate volume of 2016-crop cotton, color 31 and 41, leaf 3, and staple 36 and longer for nearby through fourth quarter 2017 delivery. Mill buyers also inquired for a moderate volume of 2017-crop cotton, color 51 and better, leaf 5 and better, and staple 34 and longer for first and second quarter 2018 delivery. No sales were reported. Demand for ring-spun yarn had improved and was good; open-end yarn was moderate. Most mills operate five to seven days. Demand through export channels was good. Representatives for mills in Taiwan purchased a moderate volume of USDA Green Card Class, 2017-crop cotton color 31, leaf 3, and staple 36 for January through March 2018 shipment. Agents for several mills in Thailand and Vietnam inquired for a moderate volume of USDA Green Card Class, 2017-crop cotton color 31 and 41, leaf 3, and staple 36 and longer for November 2017 through March 2018 shipment.
Trading
No trading activity was reported.
2
South Central Markets Regional Summary
Jeff Carnahan Memphis, TN [email protected]
North Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was light. Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Mostly cloudy and warm conditions characterized the weather pattern during the week. Overcast skies with intermittent showers, interspersed with heavy thunderstorms, brought about 1 inch of precipitation and high humidity to the Memphis territory. Daytime temperatures were in the 90s and overnight lows were in the 70s. Cotton extension specialists reported that there was some concern about boll retention, due to the wet and cloudy conditions. Producers were advised to closely scout fields for target spot and bacterial wilt. Fields were also scouted for bollworms and plant bugs. Chemicals were applied to control outbreaks in late-maturing cotton fields. A few fields had reached cut-out. The crop made normal progress, in most cases, across the region. According to the National Agricultural Statistics Service’s (NASS) Crop Progress report released August 14, cotton setting bolls reached 99 percent in Arkansas, 83 in Missouri, and 91 percent in Tennessee. NASS reported that bolls were opening in Arkansas and Tennessee; the crop condition in Arkansas was rated at 84 percent good to excellent, compared with 57 in Missouri and 86 percent in good to excellent condition in Tennessee.
South Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was light. Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Mostly wet, cloudy, and hot weather conditions prevailed during the week. A series of thunderstorms brought 1 to 2 inches of precipitation to several areas, with 3 to 4 inches in places that received heavier amounts. Many fields were saturated, with more rain in the forecast. Producers were hoping for an extended period of clear, warm weather to allow saturated soils to dry. Many fields had reached the cut-out stage. Daytime temperatures were in the 90s and overnight lows were in the 70s. The crop made good progress across the region. Local experts reported that boll retention was a concern due to the heavy rain and cloudy conditions experienced over the previous two weeks. Fields were scouted for evidence of target spot, bacterial blight, and boll rot; no damage was reported. Insect pressure was mostly light. According to the National Agricultural Statistics Service’s (NASS) Crop Progress report released August 14, cotton setting bolls reached 98 percent in Louisiana and 87 percent in Mississippi. NASS reported that 78 percent of the crop was in good to excellent condition in Louisiana, compared to 72 percent in Mississippi; 19 percent of the acreage in Louisiana had open bolls, compared to 6 percent in Mississippi.
Trading
No trading activity was reported. No trading activity was reported.
North Delta
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 lower. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were heavy. Interest was best from China, Indonesia, and Turkey. Harvesting and ginning continued in south Texas, the Upper Coast, the Coastal Bend, and the Rio Grande Valley. Modules lined fields waiting for transport to the gin yards. Reports indicated a backlog of cottonseed was present on gin yards. Most gins were operating at capacity. Producers were encouraged by the quality results. In central Texas, cotton root rot was reported in some fields. Rainfall continued intermittently in some areas. Defoliation and boll openers were applied in the Blackland Prairies. Bolls cracked opened. Some ginners expected modules to be transported to the gin yards as early as next week. In Kansas, according to the National Agricultural Statistics Service’s (NASS) Crop Progress report released on August 14, squaring had reached 80 percent, compared to 84 percent last year, and cotton setting bolls was 37 percent, same as last year. Bolls opening was at 2 percent. Local reports indicated that good rains helped advance the crop and that fields previously struggling gained vigor. Overall, the crop was estimated about a week later than normal. In Oklahoma, squaring was 98 percent compared to 96 percent last season, and cotton setting bolls was 60 percent compared to 50 percent last year, according to NASS. Bolls opening
was 2 percent. Recent rainfall and cooler temperatures were timely on the late planted stands. Plant growth regulators were applied as needed. Meetings were attended. West Texas Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was very light. Average local spot prices were lower. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were light. In the Northern and Southern High Plains, summertime rainfall brought up to 6 inches of beneficial moisture to the crop. Stands varied in progress with some late planted fields that had begun to bloom, and some that had begun to set bolls. Fieldwork was at a standstill because soils were too soggy to support equipment. Irrigated fields advanced and wells remained shut off. Monitoring fields for pests was interrupted but the focus was on aphids, lygus, and bollworms. In parts of the Southern High Plains and the western edges of the Rolling Plains, pockets of hot, sunny weather persisted and patches of late planted acres had begun to bloom. Yields will be impacted by the performance of the late planted crop, according to local reports. Approximately seventenths of an inch of rainfall was received on some stands that helped reduce fruit shedding, but some isolated areas remained parched. Dryland held on but needs more rainfall to prevent further fruit loss. Irrigation water was applied.
Trading East Texas In Texas, a light volume of mostly color 31 and 41, leaf 3 and 4, staple 34 and 35, mike 38-45, strength 25-29, and uniformity 79-83 sold for around 70.00 cents per pound, FOB warehouse (compression charges not paid). A moderate volume of color 31 and 41, leaf 2-4, staple mostly 34 and 35, mike 38-48, strength 26-31, and uniformity 77-82 sold for around 66.50 cents, same terms as above. A heavy volume of color mostly 31, leaf 2 and 3, staple 33 and 34, mike averaging 42.9, strength averaging 27.6, and uniformity averaging 78.7 sold for around 63.50 cents, same terms as above.
No trading activity was reported.
West Texas
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 lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. In central Arizona, thunderstorms deposited one-half of an inch to two and one-half inches of rainfall early in the reporting period. Defoliation continued in Yuma, Arizona. Harvesting advanced. Sources reported the crop was about 10 to 15 percent harvested. Modules were transported to the gin yard. Ginning was expected to begin the week of August 28. Defoliation activities continued in central Arizona. Treatments for cotton rust to prevent yield loss were reported in eastern Arizona, New Mexico, and in El Paso, Texas along the river. 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. Local sources reported plenty of irrigation water and light bug pressure. A few late-planted fields in the El Paso, Texas area struggled. Overall, the crop made good progress.
San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies were moderate. Demand was light. Average local spot prices were lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. No rainfall was recorded in the period. Hot, dry conditions advanced crop progress. Some of the earliestplanted fields had bolls cracking open. Ginners and producers prepared equipment for the impending harvest. 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. The crop made good progress in Arizona, California, New Mexico, and El Paso, Texas. Harvesting was active in Yuma, Arizona. Ginning was expected to begin in late September. Sources reported early-planted fields in the San Joaquin Valley had bolls cracking open.
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 Jane Byers-Angle
Photo Credits: Avalon, Texas
6
Crop Pictures
Photo Credit: Jeff Carnahan
Photo Credits: CALCOT
7
Cotton and Wool The following information was excerpted from the Economic Research Service Cotton and Wool Outlook report, released on August 14, 2017 U.S. Cotton Textile and Apparel Trade Unchanged in 2017 The latest U.S. Department of Agriculture (USDA) estimates indicate that total U.S. cotton textile and apparel trade was virtually unchanged during the first half of 2017, compared with the corresponding period of 2016. While U.S. cotton product imports totaled the equivalent of nearly 8.6 million 480-pound bales of raw cotton during January-June 2017—compared with 8.5 million bales for the first 6 months of 2016—cotton product exports decreased 3 percent to nearly 1.8 million bale-equivalents. Based on these volumes, the cotton textile and apparel trade deficit was marginally higher at 6.8 million bale-equivalents. U.S. cotton product imports remain concentrated among a handful of suppliers, with the top five countries accounting for two-thirds of the total during the first half of 2017. China continues as the leading supplier of U.S. product imports despite gains seen among other countries (fig. 1). During the first half of 2017, China accounted for 30 percent of the total, with India contributing 12 percent. In addition, Pakistan, Vietnam, and Bangladesh each provided an additional 8 percent of the mid-year total.
For complete Cotton and Wool Outlook report click here.
8
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 28
August
August
August
14-20
21-27
August 3
4-10
11-17
18-24
Adjusted world price 1/
65.47
64.90
66.29
63.41
62.46
59.70
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
0.00
0.00
0.00
0.00
0.00
0.43
Fine count adjustment 2017
0.00
0.00
0.00
0.00
0.15
0.58
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 11, 2016
Through August 10, 2017
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
3,355,400
-
5,815,300
Exports
110,600
287,700
200,400
-
3,643,100
95,900
-
Total export commitments New sales
314,300 6,129,600
192,600
-
Buy-backs and cancellations 43,100 5,900 Net sales 52,800 186,700 Net sales of 186,700 RB for 2017/2018 were reported for Vietnam (37,400 RB, including 100 RB switched from Japan), Indonesia (28,000 RB, including 2,600 RB switched from Japan and decreases of 500 RB), Thailand (26,100 RB, including 100 RB switched from Japan), Bangladesh (20,100 RB), and China (16,700 RB). Reductions were reported for Mexico (400 RB). For 2018/2019, net sales of 66,000 RB were reported for Pakistan. Exports of 200,400 RB were primarily to China (53,400 RB), Vietnam (26,400 RB), Turkey (24,900 RB), Mexico (20,900 RB), and Indonesia (13,200 RB). Net sales of Pima totaling 3,700 RB for 2017/2018 were reported for India (2,100 RB), Hong Kong (1,200 RB), and Indonesia (200 RB). For 2018/2019, net sales of 1,100 RB were reported for Thailand (900 RB) and India (200 RB). Exports of 4,000 RB were primarily to China (1,800 RB), Japan (1,400 RB), Thailand (300 RB), and India (200 RB). Optional Origin Sales: For 2017/2018, the current optional origin outstanding balance of 7,900 RB is for Indonesia. Exports for Own Account: New exports for own account totaling 7,500 RB were reported for Indonesia (6,100 RB), Thailand (500 RB), Vietnam (400 RB), and China (400 RB). Exports to Thailand (500 RB) and China (400 RB) were applied to new or outstanding sales. Decreases totaling 900 RB were reported for Indonesia. The current outstanding balance of 76,400 RB is for Indonesia (53,200 RB), Taiwan (13,100 RB), India (3,800 RB), Bangladesh (2,800 RB), South Korea (2,100 RB), Vietnam (900 RB), and Pakistan (500 RB). Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
August 17, 2017
9
Number of Bales in Certificated Stocks
Stocks as of 8-17-2017
Awaiting Review
Non-Rain Grown Cotton
Dallas/FT. Worth, TX
6,900
0
0
Galveston, TX
2,130
0
0
Greenville, SC
57
0
0
Houston, TX
165
0
0
Memphis, TN
6,534
0
0
Total
15,796
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 66.20 67.45 67.95 69.45
SOUTHEAST 41-4 51-5 64.70 61.20 66.70 62.20 67.20 62.70 68.95 62.95 21-2 64.00 64.50 66.25 67.75 69.25 70.00 70.75 70.75
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
42-4 62.45 63.95 63.95 64.20
31-3 64.95 66.70 67.20 69.45
EAST TEXAS-OKLAHOMA 31-3 41-4 63.25 61.75 64.00 63.25 66.00 64.25 67.75 67.00 68.50 67.00 68.75 67.50 69.00 67.75 69.00 69.00
NORTH DELTA 41-4 51-5 63.20 58.70 65.95 60.20 66.45 61.20 67.70 61.45 42-4 60.75 61.75 62.50 66.00 66.00 66.25 66.25 66.25
SOUTH-
NORTH
SOUTH
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
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
21-2 64.25 65.25 67.25 67.75 69.75 70.00 70.75 70.75
42-4 61.45 62.20 62.95 62.95
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 62.75 61.00 64.50 63.00 66.25 63.75 67.00 67.00 68.50 67.00 69.25 67.75 69.75 68.25 70.00 69.00
42-4 60.00 61.75 62.75 64.75 65.50 67.25 67.25 67.25
SOUTH DELTA 41-4 51-5 63.20 58.70 65.95 60.20 66.45 61.20 67.70 61.45
31-3 64.95 66.70 67.20 69.45
Staple 26-31 32 33 34 35 36 37 38
21-2
67.10 73.35 76.85 78.35 80.60
42-4 61.45 62.20 62.95 63.20
65.60 71.85 75.35 76.60 78.35
WEST
DESERT
SJ
OK -1100 -1000 -750 -500 -350 0 0 0 -225 -400
TEXAS -1100 -1000 -750 -500 -350 0 0 0 -225 -400
SW -1200 -1000 -900 -500 -300 0 25 0 -300 -550
VALLEY
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
SOUTH DELTA -90 -80 -70 0 0 0 30 40 50 60
DESERT SOUTHWEST 31-3 41-4 60.20 55.70 62.45 61.95 65.95 62.20 67.30 62.30
SAN JOAQUIN VALLEY 31-3 41-4
MIKE DIFFERENCES - POINTS PER POUND E. TX Mike Ranges 24 & Below 25-26 27-29 30-32 33-34 Base 35-36 37-42 Base 43-49 50-52 53 & Above
21-2 60.95 63.20 67.45 68.05
-1600 -1000 -500 0 25 0 -500
62.95 64.95 65.75 65.85 65.85
51-5 53.95 54.45 56.20 56.45
32-3
62.45 64.95 65.70 66.20 67.20
AVG. -1133 -988 -832 -489 -271 0 14 0 -271 -413
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
DESERT SJ SW VALLEY -100 -60 -90 -50 -80 -40 0 0 0 0 0 50 30 80 40 90 50 100 60 110
AVG. -92 -80 -69 -4 0 7 29 37 47 57
August 17, 2017
10
American Pima quotations are for cotton equal to the Official Standards, net weight, in mixed lots, UD Free, FOB warehouse. 1/
AMERICAN PIMA SPOT QUOTATIONS Color
Leaf
Staple 44
46
48
1
1
138.50
146.50
147.75
2
138.25
146.25
147.50
3
130.50
137.50
137.75
1
138.25
146.25
147.50
2
138.00
146.00
147.25
3
130.25
137.25
137.50
4
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on February 3, 2017.
5 6 2
4
120.25
127.75
128.00
5 6 3
Mike Range
Diff.
26 & Below
-1900
27-29
-1400
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
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
6 6
(Grams per Tex)
Extraneous Matter Level
Diff.
Prep
1 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
-715
81.75
2
-1035
6
79.50
81.75
-810 -1095
1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
August 17, 2017
11
Weekly Cotton Market Review
Cotton and Tobacco Program Cotton Market News Division 3275 Appling Road Memphis, TN 38133 901.384.3016
Vol. 99 No. 3 August 18, 2017 Inside this Issue Market Overview Price Support
Spot Quotations ICE Futures A Index Southeastern Textile Mill Report South Central Southwestern Western Crop Photos
Cotton and Wool Pima Quotations Cotton Market Reports
Average quotations were 245 points lower than the previous week, according to the USDA, Agricultural Marketing Service’s Cotton and Tobacco Program. Quotations for the base quality of cotton (color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength 27.0-28.9, uniformity 81.0-81.9) in the seven designated markets averaged 65.91 cents per pound for the week ending Thursday, August 17, 2017. The weekly average was down from 68.36 last week, and 66.94 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 66.92 cents Friday, August 11 to a season low of 65.36 cents Thursday, August 17. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended August 17 totaled 4,904 bales. This compares to 3,563 bales reported last week and 761 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 10,555 bales compared to 6,825 bales the corresponding week a year ago. The ICE October settlement prices ended the week at 67.45 cents, compared to 69.26 cents last week. Average Prices 41-4-34 Date Friday Monday Tuesday Wednesday Thursday
11-Aug 14-Aug 15-Aug 16-Aug 17-Aug
SE 68.49 67.75 66.93 66.80 66.70
ND 67.74 67.00 66.18 66.05 65.95
SD 67.74 67.00 66.18 66.05 65.95
ET-OK 68.00 67.75 67.00 67.00 67.00
WT 68.00 67.75 67.00 67.00 67.00
DSW 63.74 63.00 62.18 62.05 61.95
SJV 64.74 64.00 63.18 63.05 62.95
7-MKT AVG 66.92 66.32 65.52 65.43 65.36
DSW 67.74 67.00 66.18 66.05 65.95
SJV 73.64 72.90 72.08 71.95 71.85
7-MKT AVG 69.73 69.13 68.33 68.24 68.16
Average Prices 31-3-35 Date Friday Monday Tuesday Wednesday Thursday
11-Aug 14-Aug 15-Aug 16-Aug 17-Aug
SE 69.74 69.00 68.18 68.05 67.95
ND 68.99 68.25 67.43 67.30 67.20
SD 68.99 68.25 67.43 67.30 67.20
ET-OK 69.50 69.25 68.50 68.50 68.50
WT 69.50 69.25 68.50 68.50 68.50
Color 41, Leaf 4, Staple 34 Futures Settlement Subscribe to this report
Subscribe to all Cotton Market reports
Date Friday Monday Tuesday Wednesday Thursday
11-Aug 14-Aug 15-Aug 16-Aug 17-Aug
Oct-17 69.24 68.50 67.68 67.55 67.45
Dec-17 68.25 67.75 67.16 66.82 66.91
Mar-18 May-18 Jul-18 Oct-18 68.05 68.54 68.99 67.99 67.62 68.16 68.66 67.66 66.98 67.60 68.17 67.17 66.72 67.37 67.99 66.97 66.76 67.33 67.95 66.95
Sources: USDA, AMS, Cotton and Tobacco Program, 1/ Cotlook
Far Eastern A Index 1/ Current 78.45 78.70 78.20 77.70 77.40
Southeastern Markets Regional Summary
Danny Pino Macon, GA [email protected]
Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was moderate. Average local spot prices were lower. Trading of CCC-loan equities was inactive. Partly sunny to overcast conditions prevailed across the entire Southeast during the period with daytime high temperatures in the upper 80s to lower 90s. Day-to-day showers brought 1 to 3 inches of weekly accumulated moisture to areas of south Alabama, the Florida panhandle, and Georgia. The wet weather interrupted fieldwork in some areas and delayed the timely application fungicide and other products. The crop progressed well under the hot and humid conditions and bolls had begun to crack open in some of the earliest planted fields. However, crop maturity lagged in some areas and producers would welcome a period of warm and sunny weather to invigorate plants and advance the crop. In Georgia, whiteflies had begun to appear in cotton and producers were applying treatments before fields become infested. Producers sprayed fields with insecticides to control foliage feeders in Alabama. Thundershowers brought around 1 to 2 inches of rainfall to areas of eastern North Carolina early in the period. Fieldwork was suspended in some areas due to the spotty rainfall and waterlogged soils from excessive moisture received in recent weeks. The crop advanced under the hot conditions and bolls had begun to crack open in the Carolinas. Fields were treated for worm infestations in North Carolina. Insect pressure was mostly light and easily controlled in
South Carolina and Virginia. According to the National Agricultural Statistics Service’s (NASS) Crop Progress Report released August 14, squaring neared completion and cotton setting bolls reached 91 percent completed in Virginia, 90 in Alabama, 87 in Georgia and North Carolina, and 76 percent completed in South Carolina. NASS also reported the crop condition was mostly good to excellent in South Carolina and fair to good elsewhere in the Southeast. Textile Mill Domestic mill buyers inquired for a moderate volume of 2016-crop cotton, color 31 and 41, leaf 3, and staple 36 and longer for nearby through fourth quarter 2017 delivery. Mill buyers also inquired for a moderate volume of 2017-crop cotton, color 51 and better, leaf 5 and better, and staple 34 and longer for first and second quarter 2018 delivery. No sales were reported. Demand for ring-spun yarn had improved and was good; open-end yarn was moderate. Most mills operate five to seven days. Demand through export channels was good. Representatives for mills in Taiwan purchased a moderate volume of USDA Green Card Class, 2017-crop cotton color 31, leaf 3, and staple 36 for January through March 2018 shipment. Agents for several mills in Thailand and Vietnam inquired for a moderate volume of USDA Green Card Class, 2017-crop cotton color 31 and 41, leaf 3, and staple 36 and longer for November 2017 through March 2018 shipment.
Trading
No trading activity was reported.
2
South Central Markets Regional Summary
Jeff Carnahan Memphis, TN [email protected]
North Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was light. Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Mostly cloudy and warm conditions characterized the weather pattern during the week. Overcast skies with intermittent showers, interspersed with heavy thunderstorms, brought about 1 inch of precipitation and high humidity to the Memphis territory. Daytime temperatures were in the 90s and overnight lows were in the 70s. Cotton extension specialists reported that there was some concern about boll retention, due to the wet and cloudy conditions. Producers were advised to closely scout fields for target spot and bacterial wilt. Fields were also scouted for bollworms and plant bugs. Chemicals were applied to control outbreaks in late-maturing cotton fields. A few fields had reached cut-out. The crop made normal progress, in most cases, across the region. According to the National Agricultural Statistics Service’s (NASS) Crop Progress report released August 14, cotton setting bolls reached 99 percent in Arkansas, 83 in Missouri, and 91 percent in Tennessee. NASS reported that bolls were opening in Arkansas and Tennessee; the crop condition in Arkansas was rated at 84 percent good to excellent, compared with 57 in Missouri and 86 percent in good to excellent condition in Tennessee.
South Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was light. Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Mostly wet, cloudy, and hot weather conditions prevailed during the week. A series of thunderstorms brought 1 to 2 inches of precipitation to several areas, with 3 to 4 inches in places that received heavier amounts. Many fields were saturated, with more rain in the forecast. Producers were hoping for an extended period of clear, warm weather to allow saturated soils to dry. Many fields had reached the cut-out stage. Daytime temperatures were in the 90s and overnight lows were in the 70s. The crop made good progress across the region. Local experts reported that boll retention was a concern due to the heavy rain and cloudy conditions experienced over the previous two weeks. Fields were scouted for evidence of target spot, bacterial blight, and boll rot; no damage was reported. Insect pressure was mostly light. According to the National Agricultural Statistics Service’s (NASS) Crop Progress report released August 14, cotton setting bolls reached 98 percent in Louisiana and 87 percent in Mississippi. NASS reported that 78 percent of the crop was in good to excellent condition in Louisiana, compared to 72 percent in Mississippi; 19 percent of the acreage in Louisiana had open bolls, compared to 6 percent in Mississippi.
Trading
No trading activity was reported. No trading activity was reported.
North Delta
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 lower. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were heavy. Interest was best from China, Indonesia, and Turkey. Harvesting and ginning continued in south Texas, the Upper Coast, the Coastal Bend, and the Rio Grande Valley. Modules lined fields waiting for transport to the gin yards. Reports indicated a backlog of cottonseed was present on gin yards. Most gins were operating at capacity. Producers were encouraged by the quality results. In central Texas, cotton root rot was reported in some fields. Rainfall continued intermittently in some areas. Defoliation and boll openers were applied in the Blackland Prairies. Bolls cracked opened. Some ginners expected modules to be transported to the gin yards as early as next week. In Kansas, according to the National Agricultural Statistics Service’s (NASS) Crop Progress report released on August 14, squaring had reached 80 percent, compared to 84 percent last year, and cotton setting bolls was 37 percent, same as last year. Bolls opening was at 2 percent. Local reports indicated that good rains helped advance the crop and that fields previously struggling gained vigor. Overall, the crop was estimated about a week later than normal. In Oklahoma, squaring was 98 percent compared to 96 percent last season, and cotton setting bolls was 60 percent compared to 50 percent last year, according to NASS. Bolls opening
was 2 percent. Recent rainfall and cooler temperatures were timely on the late planted stands. Plant growth regulators were applied as needed. Meetings were attended. West Texas Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was very light. Average local spot prices were lower. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were light. In the Northern and Southern High Plains, summertime rainfall brought up to 6 inches of beneficial moisture to the crop. Stands varied in progress with some late planted fields that had begun to bloom, and some that had begun to set bolls. Fieldwork was at a standstill because soils were too soggy to support equipment. Irrigated fields advanced and wells remained shut off. Monitoring fields for pests was interrupted but the focus was on aphids, lygus, and bollworms. In parts of the Southern High Plains and the western edges of the Rolling Plains, pockets of hot, sunny weather persisted and patches of late planted acres had begun to bloom. Yields will be impacted by the performance of the late planted crop, according to local reports. Approximately seventenths of an inch of rainfall was received on some stands that helped reduce fruit shedding, but some isolated areas remained parched. Dryland held on but needs more rainfall to prevent further fruit loss. Irrigation water was applied.
Trading East Texas In Texas, a light volume of mostly color 31 and 41, leaf 3 and 4, staple 34 and 35, mike 38-45, strength 25-29, and uniformity 79-83 sold for around 70.00 cents per pound, FOB warehouse (compression charges not paid). A moderate volume of color 31 and 41, leaf 2-4, staple mostly 34 and 35, mike 38-48, strength 26-31, and uniformity 77-82 sold for around 66.50 cents, same terms as above. A heavy volume of color mostly 31, leaf 2 and 3, staple 33 and 34, mike averaging 42.9, strength averaging 27.6, and uniformity averaging 78.7 sold for around 63.50 cents, same terms as above.
No trading activity was reported.
West Texas
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 lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. In central Arizona, thunderstorms deposited one-half of an inch to two and one-half inches of rainfall early in the reporting period. Defoliation continued in Yuma, Arizona. Harvesting advanced. Sources reported the crop was about 10 to 15 percent harvested. Modules were transported to the gin yard. Ginning was expected to begin the week of August 28. Defoliation activities continued in central Arizona. Treatments for cotton rust to prevent yield loss were reported in eastern Arizona, New Mexico, and in El Paso, Texas along the river. 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. Local sources reported plenty of irrigation water and light bug pressure. A few late-planted fields in the El Paso, Texas area struggled. Overall, the crop made good progress.
San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies were moderate. Demand was light. Average local spot prices were lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. No rainfall was recorded in the period. Hot, dry conditions advanced crop progress. Some of the earliestplanted fields had bolls cracking open. Ginners and producers prepared equipment for the impending harvest. 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. The crop made good progress in Arizona, California, New Mexico, and El Paso, Texas. Harvesting was active in Yuma, Arizona. Ginning was expected to begin in late September. Sources reported early-planted fields in the San Joaquin Valley had bolls cracking open.
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 Jane Byers-Angle
Photo Credits: Avalon, Texas
6
Crop Pictures
Photo Credit: Jeff Carnahan
Photo Credits: CALCOT
7
Cotton and Wool The following information was excerpted from the Economic Research Service Cotton and Wool Outlook report, released on August 14, 2017 U.S. Cotton Textile and Apparel Trade Unchanged in 2017 The latest U.S. Department of Agriculture (USDA) estimates indicate that total U.S. cotton textile and apparel trade was virtually unchanged during the first half of 2017, compared with the corresponding period of 2016. While U.S. cotton product imports totaled the equivalent of nearly 8.6 million 480-pound bales of raw cotton during January-June 2017—compared with 8.5 million bales for the first 6 months of 2016—cotton product exports decreased 3 percent to nearly 1.8 million bale-equivalents. Based on these volumes, the cotton textile and apparel trade deficit was marginally higher at 6.8 million bale-equivalents. U.S. cotton product imports remain concentrated among a handful of suppliers, with the top five countries accounting for two-thirds of the total during the first half of 2017. China continues as the leading supplier of U.S. product imports despite gains seen among other countries (fig. 1). During the first half of 2017, China accounted for 30 percent of the total, with India contributing 12 percent. In addition, Pakistan, Vietnam, and Bangladesh each provided an additional 8 percent of the mid-year total.
For complete Cotton and Wool Outlook report click here.
8
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 28
August
August
August
14-20
21-27
August 3
4-10
11-17
18-24
Adjusted world price 1/
65.47
64.90
66.29
63.41
62.46
59.70
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
0.00
0.00
0.00
0.00
0.00
0.43
Fine count adjustment 2017
0.00
0.00
0.00
0.00
0.15
0.58
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 11, 2016
Through August 10, 2017
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
3,355,400
-
5,815,300
Exports
110,600
287,700
200,400
-
3,643,100
95,900
-
Total export commitments New sales
314,300 6,129,600
192,600
-
Buy-backs and cancellations 43,100 5,900 Net sales 52,800 186,700 Net sales of 186,700 RB for 2017/2018 were reported for Vietnam (37,400 RB, including 100 RB switched from Japan), Indonesia (28,000 RB, including 2,600 RB switched from Japan and decreases of 500 RB), Thailand (26,100 RB, including 100 RB switched from Japan), Bangladesh (20,100 RB), and China (16,700 RB). Reductions were reported for Mexico (400 RB). For 2018/2019, net sales of 66,000 RB were reported for Pakistan. Exports of 200,400 RB were primarily to China (53,400 RB), Vietnam (26,400 RB), Turkey (24,900 RB), Mexico (20,900 RB), and Indonesia (13,200 RB). Net sales of Pima totaling 3,700 RB for 2017/2018 were reported for India (2,100 RB), Hong Kong (1,200 RB), and Indonesia (200 RB). For 2018/2019, net sales of 1,100 RB were reported for Thailand (900 RB) and India (200 RB). Exports of 4,000 RB were primarily to China (1,800 RB), Japan (1,400 RB), Thailand (300 RB), and India (200 RB). Optional Origin Sales: For 2017/2018, the current optional origin outstanding balance of 7,900 RB is for Indonesia. Exports for Own Account: New exports for own account totaling 7,500 RB were reported for Indonesia (6,100 RB), Thailand (500 RB), Vietnam (400 RB), and China (400 RB). Exports to Thailand (500 RB) and China (400 RB) were applied to new or outstanding sales. Decreases totaling 900 RB were reported for Indonesia. The current outstanding balance of 76,400 RB is for Indonesia (53,200 RB), Taiwan (13,100 RB), India (3,800 RB), Bangladesh (2,800 RB), South Korea (2,100 RB), Vietnam (900 RB), and Pakistan (500 RB). Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
August 17, 2017
9
Number of Bales in Certificated Stocks
Stocks as of 8-17-2017
Awaiting Review
Non-Rain Grown Cotton
Dallas/FT. Worth, TX
6,900
0
0
Galveston, TX
2,130
0
0
Greenville, SC
57
0
0
Houston, TX
165
0
0
Memphis, TN
6,534
0
0
Total
15,796
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 66.20 67.45 67.95 69.45
SOUTHEAST 41-4 51-5 64.70 61.20 66.70 62.20 67.20 62.70 68.95 62.95 21-2 64.00 64.50 66.25 67.75 69.25 70.00 70.75 70.75
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
42-4 62.45 63.95 63.95 64.20
31-3 64.95 66.70 67.20 69.45
EAST TEXAS-OKLAHOMA 31-3 41-4 63.25 61.75 64.00 63.25 66.00 64.25 67.75 67.00 68.50 67.00 68.75 67.50 69.00 67.75 69.00 69.00
NORTH DELTA 41-4 51-5 63.20 58.70 65.95 60.20 66.45 61.20 67.70 61.45 42-4 60.75 61.75 62.50 66.00 66.00 66.25 66.25 66.25
SOUTH-
NORTH
SOUTH
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
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
21-2 64.25 65.25 67.25 67.75 69.75 70.00 70.75 70.75
42-4 61.45 62.20 62.95 62.95
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 62.75 61.00 64.50 63.00 66.25 63.75 67.00 67.00 68.50 67.00 69.25 67.75 69.75 68.25 70.00 69.00
42-4 60.00 61.75 62.75 64.75 65.50 67.25 67.25 67.25
SOUTH DELTA 41-4 51-5 63.20 58.70 65.95 60.20 66.45 61.20 67.70 61.45
31-3 64.95 66.70 67.20 69.45
Staple 26-31 32 33 34 35 36 37 38
21-2
67.10 73.35 76.85 78.35 80.60
42-4 61.45 62.20 62.95 63.20
65.60 71.85 75.35 76.60 78.35
WEST
DESERT
SJ
OK -1100 -1000 -750 -500 -350 0 0 0 -225 -400
TEXAS -1100 -1000 -750 -500 -350 0 0 0 -225 -400
SW -1200 -1000 -900 -500 -300 0 25 0 -300 -550
VALLEY
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
SOUTH DELTA -90 -80 -70 0 0 0 30 40 50 60
DESERT SOUTHWEST 31-3 41-4 60.20 55.70 62.45 61.95 65.95 62.20 67.30 62.30
SAN JOAQUIN VALLEY 31-3 41-4
MIKE DIFFERENCES - POINTS PER POUND E. TX Mike Ranges 24 & Below 25-26 27-29 30-32 33-34 Base 35-36 37-42 Base 43-49 50-52 53 & Above
21-2 60.95 63.20 67.45 68.05
-1600 -1000 -500 0 25 0 -500
62.95 64.95 65.75 65.85 65.85
51-5 53.95 54.45 56.20 56.45
32-3
62.45 64.95 65.70 66.20 67.20
AVG. -1133 -988 -832 -489 -271 0 14 0 -271 -413
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
DESERT SJ SW VALLEY -100 -60 -90 -50 -80 -40 0 0 0 0 0 50 30 80 40 90 50 100 60 110
AVG. -92 -80 -69 -4 0 7 29 37 47 57
August 17, 2017
10
American Pima quotations are for cotton equal to the Official Standards, net weight, in mixed lots, UD Free, FOB warehouse. 1/
AMERICAN PIMA SPOT QUOTATIONS Color
Leaf
Staple 44
46
48
1
1
138.50
146.50
147.75
2
138.25
146.25
147.50
3
130.50
137.50
137.75
1
138.25
146.25
147.50
2
138.00
146.00
147.25
3
130.25
137.25
137.50
4
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on February 3, 2017.
5 6 2
4
120.25
127.75
128.00
5 6 3
Mike Range
Diff.
26 & Below
-1900
27-29
-1400
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
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
6 6
(Grams per Tex)
Extraneous Matter Level
Diff.
Prep
1 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
-715
81.75
2
-1035
6
79.50
81.75
-810 -1095
1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
August 17, 2017
11
