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. 10 October 6, 2017 Inside this Issue Market Overview Price Support Spot Quotations
ICE Futures A Index
Average quotations were 65 points lower than the previous week, according to the USDA, Agricultural Marketing Service’s Cotton and Tobacco Program. Quotations for the base quality of cotton (color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength 27.0- 28.9, uniformity 81.0-81.9) in the seven designated markets averaged 66.69 cents per pound for the week ending Thursday, October 5, 2017. The weekly average was down from 67.34 last week, and 67.16 cents reported the corresponding period a year ago. Daily average quotations ranged from a low of 66.19 cents Tuesday, October 3 to a high of 67.25 cents Wednesday, October 4. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended October 5 totaled 7,209 bales. This compares to 6,240 bales reported last week and 7,585 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 43,927 bales compared to 39,294 bales the corresponding week a year ago. The ICE December settlement prices ended the week at 68.27 cents, compared to 68.97 cents last week.
Southeastern Textile Mill Report South Central Southwestern Western Forward Contracting
Pima Quotations
Cotton Market Reports
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Subscribe to all Cotton Market reports Sources: USDA, AMS, Cotton and Tobacco Program, 1/ Cotlook
Southeastern Markets Regional Summary
Danny Pino Macon, GA [email protected]
Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was moderate. Average local spot prices were lower. Trading of CCC-loan equities was inactive. Ideal conditions allowed defoliation to expand at a rapid pace across the region as sunshine and warm temperatures dominated the weather pattern. Daytime high temperatures were in the upper 80s to lower 90s across the lower Southeast, with slightly cooler temperatures in the low to mid-80s observed in the Carolinas and Virginia. Harvesting expanded in Georgia and South Carolina and modules had begun to accumulate on gin yards. In Georgia, producers continued to treat infestations of whiteflies in fields that had not yet been defoliated. Some fields in Alabama remained a few weeks behind maturity, due to wet and cool growing conditions earlier in the season. Bolls were cracking open, but blooms remained visible on the top of plants in many fields. Producers in Alabama, the Florida panhandle, and Georgia were attempting to get as much fiber off of the stalk as possible as they monitor Tropical Storm Nate in the south Caribbean. The storm is forecast to strengthen to a hurricane and potentially make landfall along the Gulf Coast where a lot of cotton acreage with open bolls is at its most vulnerable stage. Dry conditions allowed fieldwork to continue
uninterrupted in North Carolina and Virginia. According to the National Agricultural Statistics Service’s Crop Progress report released October 2, cotton harvested reached 14 percent in South Carolina, 11 in Georgia, 6 in Alabama, and 4 percent in North Carolina. Harvesting had yet to begin in Virginia. Textile Mill Domestic mill buyers inquired for a moderate volume of color 51 and better, leaf 5 and better, and staple 34 and longer for November/December delivery and first quarter 2018 delivery. No sales were reported. Some domestic cotton shippers indicated they were reluctant to offer deliveries of raw cotton beyond March, due to the market inversion in the forward ICE futures trading months. Yarn demand was moderate-to-good; denim demand remained lackluster. Most mills operated five to seven days. Demand through export channels was moderate. Agents for mills in Thailand inquired for a moderate volume of USDA Green Card Class, color 31, leaf 3, and staple 36 for January through March shipment. Turkish mill buyers inquired for a moderate volume of color 41, leaf 4, and staple 37 for nearby shipment. No sales were reported.
Trading No trading activity was reported.
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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 moderate. Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Continued hot and dry weather prevailed during the week throughout the region. No rainfall was reported in the Memphis territory; however, rainfall was in the nearby forecast. Daytime temperatures were in the low 90s and overnight lows were in the 60s. The crop made excellent progress as a result of the extended period of above-average daytime temperatures. Defoliation gained momentum, and harvesting was proceeding at a steady pace as producers hurried to get ahead of any inclement weather events. Most gins in the Memphis territory were completing final repairs, upgrades, and testing equipment. A few gins had commenced annual pressing operations; most were expected to get underway as soon as sufficient modules were on their yards. According to the National Agricultural Statistics Service’s Crop Progress report released October 2, harvesting in Arkansas was 8 percent completed, 6 in Missouri, and 4 percent in Tennessee. South Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was moderate.
Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Clear skies and high temperatures continued to characterize the weather pattern during the week. Daytime temperatures were in the low 90s and overnight lows were in the 60s. No precipitation was reported. Producers were carefully watching the projected path of Tropical Storm Nate, the latest weather event to threaten crops in the field. Nate is expected to develop into a category 1 hurricane and impact the Gulf Coast near New Orleans in the next week. Harvesting activities advanced under ideal weather conditions as producers rushed to get as much cotton as possible off the stalk before more rain arrives. Producers reported the quality of some harvested cotton had been negatively affected by all of the rain received over the past several weeks, but particularly the heavy rainfall and cloudy conditions in August. Defoliation and harvesting expanded in Louisiana and in Mississippi. Ginning gained momentum as the number of modules on gin yards increased. Fall tillage and field preparation for next season were on-going. According to the National Agricultural Statistics Service’s Crop Progress report released October 2, the crop in Louisiana was at 43 percent harvested, compared to 18 percent in Mississippi.
Trading No trading activity was reported. No trading activity was reported.
North Delta South Delta
3
Photos Courtesy of: Jeff Carnahan
4
Southwestern Markets Regional Summary
Jane Byers-Angle Lubbock, TX [email protected]
East Texas Spot cotton trading was active. Supplies and producer offerings were moderate. Demand was 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 moderate. Interest was best from China, Taiwan, and Pakistan. Ginning continued in the Blackland Prairies, south Texas, and in the Rio Grande Valley. Wet conditions from moderate to heavy rainfall received during the reporting period delayed harvesting in the Upper Coast and in eastern Texas. Soggy conditions interfered with transporting modules from the fields to gin yards. Some aflatoxin was present in cottonseed, due to the moist conditions. Cottonseed prices were reported at 90 to 150 dollars per ton, according to local sources. The Corpus Christi Classing Office has graded more than 1 million bales so far this season for producers in Texas. Overcast, rainy conditions prevailed in Kansas and Oklahoma, which slowed preliminary harvesting and ginning progress. Some modules had accumulated on gin yards and ginning began in Kansas. Harvesting had begun in Tillman County, Oklahoma, and was
expected to gain momentum after sunshine returned to the region. 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 moderate. Interest was best from China, Taiwan, and Pakistan. Rainy, overcast conditions prevailed, slowing plant progress and fieldwork. Natural senescence was observed in many stands that had begun to turn brown and drop leaves. According to local sources, plants responded to a prolonged lack of sunshine and had begun to shut down, or naturally defoliate. A period of warm weather is needed to maximize yield potential and dry soggy fields. A minimal number of modules had accumulated on gin yards, mostly ahead of the rainfall that was received. Field days and tours were offered by different organizations and associations. Meetings were held to discuss crop progress.
Trading East Texas A light volume of color 11 and 21, leaf 2 and 3, staple 39, mike averaging 43.0, strength averaging 31.0, and uniformity 81-82 sold for around 70.25 cents per pound, FOB warehouse (compression charges not paid). A mixed lot containing a moderate volume of mostly color 11 and 21, leaf 2 and 3, staple 37 and 38, mike 38-48, strength 26-39, and uniformity 79-84 sold for around 67.00 cents, same terms as above. A light volume of color mostly 31 and better, leaf 2 and 3, staple 36 and longer, mike averaging 47.8, strength averaging 30.3, and uniformity 79-81 sold for around 66.00 cents, same terms as above. West Texas A light volume of 2016-crop cotton color 31 and better, leaf 3 and better, staple 36 and longer, mike averaging 40.1, strength averaging 27.6, and uniformity 78-82 sold for around 67.25 cents per pound, FOB car/truck (compression charges not paid).
5
Photos Courtesy of: Jerri Lynn Miller
6
Western Markets Regional Summary
Maria Townsend Visalia, CA [email protected]
Desert Southwest (DSW) Spot cotton trading was inactive. Supplies and demand were light. Producers delivered 2017-crop cotton to the coop, merchant marketing pools, or into the CCC loan program. No producer recaps were offered. Average local prices were lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Temperatures were in the high 90s with plenty of sunshine in Arizona. Ginning continued uninterrupted in Yuma. Ginning began in central Arizona late in the period. Producers were actively defoliating and harvesting in central Arizona and Safford. No ginning was reported in Safford. Producers attended annual meetings. Scattered shower activity was reported in New Mexico. Initial defoliation activities began. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light and mostly for price discovery. Fall-like temperatures in the high 70s to low 80s were prevalent. Nighttime lows were in the 50s. Fieldwork was active as some producers began
harvesting. Modules were stored in fields. Stalk shredding was performed in compliance with the California Pink Bollworm Program. A couple of gins began ginning operations late in the period. The first samples for grading arrived at the Visalia Classing Office the week of October 2. Producers attended annual meetings. 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 slow. Some mills made inquiries for off-grade qualities. Shippers offering prices remained firm for color 2, leaf 2, and staple 46 and better. Shippers noted that Indian mills remained on the sidelines. Temperatures were in the 70s and 90s for the Far West. No rainfall was recorded in cotton-growing areas of Arizona, California, and El Paso, Texas. Around one-quarter of an inch of precipitation was recorded in New Mexico. Fieldwork was active as defoliation and harvesting activities advanced in the region. Modules lined the fields or were transported to gin yards. No ginning was reported. Producers attended annual meetings.
Trading No trading activity was reported. No trading activity was reported. No trading activity was reported.
Desert Southwest San Joaquin Valley American Pima
7
Photos Courtesy of: Allred Insurance & Cotton Co.
Spot Transactions
Sources: USDA, AMS, Cotton and Tobacco Program
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 Sept
Sept
Sept
Sept
Sept 29
Oct
1-7
8-14
15-21
22-28
Oct 5
6-12
Adjusted world price 1/
61.85
64.13
63.27
60.91
60.55
60.04
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
0.65
0.63
0.73
0.69
0.47
0.57
Fine count adjustment 2017
0.80
0.78
0.88
0.84
0.62
0.72
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 September 29, 2016
Through September 28, 2017
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
3,602,300
-
6,006,600
Exports
212,500
1,555,200
114,900
1,387,800
-
5,157,500
New sales
162,300
-
174,200
-
Buy-backs and cancellations
3,500
-
13,200
-
158,900
-
161,000
-
Total export commitments
Net sales
7,394,400
Sales next marketing year 0 428,000 28,600 754,000 Net sales of 161,000 RB for 2017/2018 were down 17 percent from the previous week, but up 8 percent from the prior 4-week average. Increases were reported for Vietnam (43,200 RB, including 700 RB switched from Japan and 300 RB switched from Taiwan), Turkey (36,900 RB,), China (35,600 RB), Indonesia (20,300 RB, including 1,800 RB switched from Japan), Peru (8,800 RB), and Bangladesh (4,400 RB, including 2,200 RB switched from Turkey). Reductions were reported for Venezuela (2,200 RB), Japan (2,100 RB), and Thailand (1,500 RB). For 2018/2019, net sales of 28,600 RB were reported for Pakistan. Exports of 114,900 RB were down 13 percent from the previous week and 21 percent from the prior 4-week average. Exports were reported primarily to Vietnam (29,300 RB), China (15,100 RB), Mexico (14,000 RB), Indonesia (10,200 RB), and South Korea (9,800 RB). Net sales of Pima totaling 23,600 RB for 2017/2018 were up 51 percent from the previous week and 16 percent from the prior 4-week average. Increases were reported primarily for Vietnam (12,200 RB), China (6,700 RB), India (2,000 RB), and Peru (1,300 RB). Exports of 4,900 RB were down 17 percent from the previous week, but up 5 percent from the prior 4-week average. The primary destinations were India (2,300 RB), China (900 RB), Pakistan (900 RB), and South Korea (700 RB). Optional Origin Sales: The current optional origin outstanding balance of 16,500 RB is for Indonesia. Exports for Own Account: New exports for own account totaling 11,100 RB were reported for Indonesia (8,200 RB), Vietnam (2,200 RB), and Thailand (700 RB). Exports to South Korea (1,000 RB), Indonesia (800 RB), Thailand (700 RB), and Bangladesh (100 RB) were applied to new or outstanding sales. Decreases of 1,700 RB were reported for Indonesia. The current outstanding balance of 80,800 RB is for Indonesia (56,200 RB), Taiwan (13,100 RB), India (3,800 RB), Vietnam (3,400 RB), Bangladesh (2,700 RB), South Korea (1,100 RB), and Pakistan (500 RB). Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
October 5, 2017
USDA ANNOUNCES SPECIAL IMPORT QUOTA #24 FOR UPLAND COTTON October 5, 2017 The Department of Agriculture's Commodity Credit Corporation announced a special import quota for upland cotton that permits importation of a quantity of upland cotton equal to one week’s domestic mill use. The quota will be established on November 02, 2017, allowing importation of 12,798,043 kilograms (58,780 bales) of upland cotton. Quota number 24 will be established as of November 02, 2017, and will apply to upland cotton purchased not later than January 09, 2018, and entered into the U.S. not later than April 09, 2018. The quota is equivalent to one week's consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period May 2017 through July 2017, the most recent three months for which data are available. Future quotas, in addition to the quantity announced, will be established if price conditions warrant.
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Forward Contracting For the 2017 upland cotton crop, growers in the United States had booked about 10 percent of their expected acreage by the end of September this season. This was up from 5 percent booked through the same period last year. Contracting has been most active in the Southeastern and South Central states where about 14 and 15 percent respectively, was under contract by the end of September, compared to 12 percent a year earlier. Southwestern states' growers had forward contracted about 7 percent, compared to only 1 percent the previous year. Western states’ growers had contracted 4 percent of the crop, below the 6 percent last year. These estimates were based on the National Agricultural Statistics Board's September Harvested Acreage report and informal surveys made by the USDA, Agricultural Marketing Service, Cotton and Tobacco Program. Forward contracting of Upland cotton by growers, as of October 1, crops of 2008-2017 1/
Cotton Crops 2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Acreage for harvest 2/
Pct.
Pct.
Pct.
Pct.
Pct.
Pct.
Pct.
Pct.
Pct.
Pct.
1,000 acres
States
Alabama Florida Georgia North Carolina South Carolina Virginia
10 14 12 11 11 13
3 10 13 3 2 4
14 10 28 28 20 30
41 18 20 44 24 33
30 8 18 14 7 11
30 15 40 30 32 43
22 8 24 18 26 19
7 7 4 9 9 14
6 9 15 12 4 29
6 4 20 10 8 19
428 98 1,280 365 245 83
Southeastern States
12
9
17
30
17
35
22
6
12
14
2,499
Arkansas Louisiana Mississippi Missouri Tennessee
5 67 6 19 1
2 13 * *
17 47 1 9 10
63 56 54 78 69
33 49 20 35 38
16 15 9 29 10
10 12 7 12 8
15 7 3 3 4
9 66 8 2 4
30 34 9 4 7
438 215 625 297 340
South Central States
16
2
14
63
33
16
9
6
12
15
1,915
Oklahoma 3/ Texas
8
2
22
33
5
4
2 6
2 1
* 1
1 8
646 5,900
Southwestern States
8
2
21
31
5
4
5
1
1
7
6,546
Arizona California New Mexico
5 -
-
16 14 -
1 7 -
5 8 -
3 4 1
3 -
11 -
8 4 2
8 -
158 90 55
Western States
3
-
-
3
5
3
2
6
6
4
303
10
4
4
37
14
16
9
3
United States
5
10
11,263
1/ Contracting estimates do not include cotton consigned to marketing organizations but do include cotton contracted with marketing organizations. 2/September 2017, Agricultural Statistics Board, NASS, USDA. 3/ Includes Kansas, 2008-2017 crops. * Less than 0.5 percent.
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Number of Bales in Certificated Stocks Stocks as of 10-5-2017
Awaiting Review
Non-Rain Grown Cotton
357
0
0
Galveston, TX
3,475
0
0
Greenville, SC
57
0
0
Houston, TX
690
0
0
Memphis, TN
865
0
0
5,444
0
0
Delivery Points Dallas/FT. Worth, TX
Total
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 68.52 69.77 70.27 71.77
SOUTHEAST 41-4 51-5 67.02 63.52 69.02 64.52 69.52 65.02 71.27 65.27 21-2 65.00 65.50 67.25 68.75 70.25 71.00 71.75 71.75
42-4 64.77 66.27 66.27 66.52
31-3 67.27 69.02 69.52 71.77
EAST TEXAS-OKLAHOMA 31-3 41-4 64.25 62.75 65.00 64.25 67.00 65.25 68.75 68.00 69.50 68.00 69.75 68.50 70.00 68.75 70.00 70.00
NORTH DELTA 41-4 51-5 65.52 61.02 68.27 62.52 68.77 63.52 70.02 63.77 42-4 61.75 62.75 63.50 67.00 67.00 67.25 67.25 67.25
21-2 64.75 65.75 67.75 68.25 70.25 70.50 71.25 71.25
42-4 63.77 64.52 65.27 65.27
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 63.25 61.50 65.00 63.50 66.75 64.25 67.50 67.50 69.00 67.50 69.75 68.25 70.25 68.75 70.50 69.50
42-4 60.50 62.25 63.25 65.25 66.00 67.75 67.75 67.75
SOUTH DELTA 41-4 51-5 65.52 61.02 68.27 62.52 68.77 63.52 70.02 63.77
31-3 67.27 69.02 69.52 71.77
Staple 26-31 32 33 34 35 36 37 38
21-2
68.17 74.42 77.92 79.42 81.67
42-4 63.77 64.52 65.27 65.52
21-2 62.02 64.27 68.52 69.12
SAN JOAQUIN VALLEY 31-3 41-4
66.67 72.92 76.42 77.67 79.42
64.02 66.02 66.82 66.92 66.92
DESERT SOUTHWEST 31-3 41-4 61.27 56.77 63.52 63.02 67.02 63.27 68.37 63.37
51-5 55.02 55.52 57.27 57.52
32-3
63.52 66.02 66.77 67.27 68.27
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
October 5, 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
Diff. -810 -1095
5
80.00 82.25 82.25 1 -715 2 6 79.50 81.75 81.75 -1035 1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
October 5, 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. 10 October 6, 2017 Inside this Issue Market Overview Price Support Spot Quotations
ICE Futures A Index
Average quotations were 65 points lower than the previous week, according to the USDA, Agricultural Marketing Service’s Cotton and Tobacco Program. Quotations for the base quality of cotton (color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength 27.0- 28.9, uniformity 81.0-81.9) in the seven designated markets averaged 66.69 cents per pound for the week ending Thursday, October 5, 2017. The weekly average was down from 67.34 last week, and 67.16 cents reported the corresponding period a year ago. Daily average quotations ranged from a low of 66.19 cents Tuesday, October 3 to a high of 67.25 cents Wednesday, October 4. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended October 5 totaled 7,209 bales. This compares to 6,240 bales reported last week and 7,585 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 43,927 bales compared to 39,294 bales the corresponding week a year ago. The ICE December settlement prices ended the week at 68.27 cents, compared to 68.97 cents last week.
Southeastern Textile Mill Report South Central Southwestern Western Forward Contracting
Pima Quotations
Cotton Market Reports
Subscribe to this report
Subscribe to all Cotton Market reports Sources: USDA, AMS, Cotton and Tobacco Program, 1/ Cotlook
Southeastern Markets Regional Summary
Danny Pino Macon, GA [email protected]
Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was moderate. Average local spot prices were lower. Trading of CCC-loan equities was inactive. Ideal conditions allowed defoliation to expand at a rapid pace across the region as sunshine and warm temperatures dominated the weather pattern. Daytime high temperatures were in the upper 80s to lower 90s across the lower Southeast, with slightly cooler temperatures in the low to mid-80s observed in the Carolinas and Virginia. Harvesting expanded in Georgia and South Carolina and modules had begun to accumulate on gin yards. In Georgia, producers continued to treat infestations of whiteflies in fields that had not yet been defoliated. Some fields in Alabama remained a few weeks behind maturity, due to wet and cool growing conditions earlier in the season. Bolls were cracking open, but blooms remained visible on the top of plants in many fields. Producers in Alabama, the Florida panhandle, and Georgia were attempting to get as much fiber off of the stalk as possible as they monitor Tropical Storm Nate in the south Caribbean. The storm is forecast to strengthen to a hurricane and potentially make landfall along the Gulf Coast where a lot of cotton acreage with open bolls is at its most vulnerable stage. Dry conditions allowed fieldwork to continue
uninterrupted in North Carolina and Virginia. According to the National Agricultural Statistics Service’s Crop Progress report released October 2, cotton harvested reached 14 percent in South Carolina, 11 in Georgia, 6 in Alabama, and 4 percent in North Carolina. Harvesting had yet to begin in Virginia. Textile Mill Domestic mill buyers inquired for a moderate volume of color 51 and better, leaf 5 and better, and staple 34 and longer for November/December delivery and first quarter 2018 delivery. No sales were reported. Some domestic cotton shippers indicated they were reluctant to offer deliveries of raw cotton beyond March, due to the market inversion in the forward ICE futures trading months. Yarn demand was moderate-to-good; denim demand remained lackluster. Most mills operated five to seven days. Demand through export channels was moderate. Agents for mills in Thailand inquired for a moderate volume of USDA Green Card Class, color 31, leaf 3, and staple 36 for January through March shipment. Turkish mill buyers inquired for a moderate volume of color 41, leaf 4, and staple 37 for nearby shipment. No sales were reported.
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 moderate. Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Continued hot and dry weather prevailed during the week throughout the region. No rainfall was reported in the Memphis territory; however, rainfall was in the nearby forecast. Daytime temperatures were in the low 90s and overnight lows were in the 60s. The crop made excellent progress as a result of the extended period of above-average daytime temperatures. Defoliation gained momentum, and harvesting was proceeding at a steady pace as producers hurried to get ahead of any inclement weather events. Most gins in the Memphis territory were completing final repairs, upgrades, and testing equipment. A few gins had commenced annual pressing operations; most were expected to get underway as soon as sufficient modules were on their yards. According to the National Agricultural Statistics Service’s Crop Progress report released October 2, harvesting in Arkansas was 8 percent completed, 6 in Missouri, and 4 percent in Tennessee. South Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was moderate.
Average local spot prices were lower. Trading of CCC-loan equities was inactive. No forward contracting was reported. Clear skies and high temperatures continued to characterize the weather pattern during the week. Daytime temperatures were in the low 90s and overnight lows were in the 60s. No precipitation was reported. Producers were carefully watching the projected path of Tropical Storm Nate, the latest weather event to threaten crops in the field. Nate is expected to develop into a category 1 hurricane and impact the Gulf Coast near New Orleans in the next week. Harvesting activities advanced under ideal weather conditions as producers rushed to get as much cotton as possible off the stalk before more rain arrives. Producers reported the quality of some harvested cotton had been negatively affected by all of the rain received over the past several weeks, but particularly the heavy rainfall and cloudy conditions in August. Defoliation and harvesting expanded in Louisiana and in Mississippi. Ginning gained momentum as the number of modules on gin yards increased. Fall tillage and field preparation for next season were on-going. According to the National Agricultural Statistics Service’s Crop Progress report released October 2, the crop in Louisiana was at 43 percent harvested, compared to 18 percent in Mississippi.
Trading No trading activity was reported. No trading activity was reported.
North Delta South Delta
3
Photos Courtesy of: Jeff Carnahan
4
Southwestern Markets Regional Summary
Jane Byers-Angle Lubbock, TX [email protected]
East Texas Spot cotton trading was active. Supplies and producer offerings were moderate. Demand was 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 moderate. Interest was best from China, Taiwan, and Pakistan. Ginning continued in the Blackland Prairies, south Texas, and in the Rio Grande Valley. Wet conditions from moderate to heavy rainfall received during the reporting period delayed harvesting in the Upper Coast and in eastern Texas. Soggy conditions interfered with transporting modules from the fields to gin yards. Some aflatoxin was present in cottonseed, due to the moist conditions. Cottonseed prices were reported at 90 to 150 dollars per ton, according to local sources. The Corpus Christi Classing Office has graded more than 1 million bales so far this season for producers in Texas. Overcast, rainy conditions prevailed in Kansas and Oklahoma, which slowed preliminary harvesting and ginning progress. Some modules had accumulated on gin yards and ginning began in Kansas. Harvesting had begun in Tillman County, Oklahoma, and was
expected to gain momentum after sunshine returned to the region. 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 moderate. Interest was best from China, Taiwan, and Pakistan. Rainy, overcast conditions prevailed, slowing plant progress and fieldwork. Natural senescence was observed in many stands that had begun to turn brown and drop leaves. According to local sources, plants responded to a prolonged lack of sunshine and had begun to shut down, or naturally defoliate. A period of warm weather is needed to maximize yield potential and dry soggy fields. A minimal number of modules had accumulated on gin yards, mostly ahead of the rainfall that was received. Field days and tours were offered by different organizations and associations. Meetings were held to discuss crop progress.
Trading East Texas A light volume of color 11 and 21, leaf 2 and 3, staple 39, mike averaging 43.0, strength averaging 31.0, and uniformity 81-82 sold for around 70.25 cents per pound, FOB warehouse (compression charges not paid). A mixed lot containing a moderate volume of mostly color 11 and 21, leaf 2 and 3, staple 37 and 38, mike 38-48, strength 26-39, and uniformity 79-84 sold for around 67.00 cents, same terms as above. A light volume of color mostly 31 and better, leaf 2 and 3, staple 36 and longer, mike averaging 47.8, strength averaging 30.3, and uniformity 79-81 sold for around 66.00 cents, same terms as above. West Texas A light volume of 2016-crop cotton color 31 and better, leaf 3 and better, staple 36 and longer, mike averaging 40.1, strength averaging 27.6, and uniformity 78-82 sold for around 67.25 cents per pound, FOB car/truck (compression charges not paid).
5
Photos Courtesy of: Jerri Lynn Miller
6
Western Markets Regional Summary
Maria Townsend Visalia, CA [email protected]
Desert Southwest (DSW) Spot cotton trading was inactive. Supplies and demand were light. Producers delivered 2017-crop cotton to the coop, merchant marketing pools, or into the CCC loan program. No producer recaps were offered. Average local prices were lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Temperatures were in the high 90s with plenty of sunshine in Arizona. Ginning continued uninterrupted in Yuma. Ginning began in central Arizona late in the period. Producers were actively defoliating and harvesting in central Arizona and Safford. No ginning was reported in Safford. Producers attended annual meetings. Scattered shower activity was reported in New Mexico. Initial defoliation activities began. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light and mostly for price discovery. Fall-like temperatures in the high 70s to low 80s were prevalent. Nighttime lows were in the 50s. Fieldwork was active as some producers began
harvesting. Modules were stored in fields. Stalk shredding was performed in compliance with the California Pink Bollworm Program. A couple of gins began ginning operations late in the period. The first samples for grading arrived at the Visalia Classing Office the week of October 2. Producers attended annual meetings. 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 slow. Some mills made inquiries for off-grade qualities. Shippers offering prices remained firm for color 2, leaf 2, and staple 46 and better. Shippers noted that Indian mills remained on the sidelines. Temperatures were in the 70s and 90s for the Far West. No rainfall was recorded in cotton-growing areas of Arizona, California, and El Paso, Texas. Around one-quarter of an inch of precipitation was recorded in New Mexico. Fieldwork was active as defoliation and harvesting activities advanced in the region. Modules lined the fields or were transported to gin yards. No ginning was reported. Producers attended annual meetings.
Trading No trading activity was reported. No trading activity was reported. No trading activity was reported.
Desert Southwest San Joaquin Valley American Pima
7
Photos Courtesy of: Allred Insurance & Cotton Co.
Spot Transactions
Sources: USDA, AMS, Cotton and Tobacco Program
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 Sept
Sept
Sept
Sept
Sept 29
Oct
1-7
8-14
15-21
22-28
Oct 5
6-12
Adjusted world price 1/
61.85
64.13
63.27
60.91
60.55
60.04
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
0.65
0.63
0.73
0.69
0.47
0.57
Fine count adjustment 2017
0.80
0.78
0.88
0.84
0.62
0.72
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 September 29, 2016
Through September 28, 2017
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
3,602,300
-
6,006,600
Exports
212,500
1,555,200
114,900
1,387,800
-
5,157,500
New sales
162,300
-
174,200
-
Buy-backs and cancellations
3,500
-
13,200
-
158,900
-
161,000
-
Total export commitments
Net sales
7,394,400
Sales next marketing year 0 428,000 28,600 754,000 Net sales of 161,000 RB for 2017/2018 were down 17 percent from the previous week, but up 8 percent from the prior 4-week average. Increases were reported for Vietnam (43,200 RB, including 700 RB switched from Japan and 300 RB switched from Taiwan), Turkey (36,900 RB,), China (35,600 RB), Indonesia (20,300 RB, including 1,800 RB switched from Japan), Peru (8,800 RB), and Bangladesh (4,400 RB, including 2,200 RB switched from Turkey). Reductions were reported for Venezuela (2,200 RB), Japan (2,100 RB), and Thailand (1,500 RB). For 2018/2019, net sales of 28,600 RB were reported for Pakistan. Exports of 114,900 RB were down 13 percent from the previous week and 21 percent from the prior 4-week average. Exports were reported primarily to Vietnam (29,300 RB), China (15,100 RB), Mexico (14,000 RB), Indonesia (10,200 RB), and South Korea (9,800 RB). Net sales of Pima totaling 23,600 RB for 2017/2018 were up 51 percent from the previous week and 16 percent from the prior 4-week average. Increases were reported primarily for Vietnam (12,200 RB), China (6,700 RB), India (2,000 RB), and Peru (1,300 RB). Exports of 4,900 RB were down 17 percent from the previous week, but up 5 percent from the prior 4-week average. The primary destinations were India (2,300 RB), China (900 RB), Pakistan (900 RB), and South Korea (700 RB). Optional Origin Sales: The current optional origin outstanding balance of 16,500 RB is for Indonesia. Exports for Own Account: New exports for own account totaling 11,100 RB were reported for Indonesia (8,200 RB), Vietnam (2,200 RB), and Thailand (700 RB). Exports to South Korea (1,000 RB), Indonesia (800 RB), Thailand (700 RB), and Bangladesh (100 RB) were applied to new or outstanding sales. Decreases of 1,700 RB were reported for Indonesia. The current outstanding balance of 80,800 RB is for Indonesia (56,200 RB), Taiwan (13,100 RB), India (3,800 RB), Vietnam (3,400 RB), Bangladesh (2,700 RB), South Korea (1,100 RB), and Pakistan (500 RB). Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
October 5, 2017
USDA ANNOUNCES SPECIAL IMPORT QUOTA #24 FOR UPLAND COTTON October 5, 2017 The Department of Agriculture's Commodity Credit Corporation announced a special import quota for upland cotton that permits importation of a quantity of upland cotton equal to one week’s domestic mill use. The quota will be established on November 02, 2017, allowing importation of 12,798,043 kilograms (58,780 bales) of upland cotton. Quota number 24 will be established as of November 02, 2017, and will apply to upland cotton purchased not later than January 09, 2018, and entered into the U.S. not later than April 09, 2018. The quota is equivalent to one week's consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period May 2017 through July 2017, the most recent three months for which data are available. Future quotas, in addition to the quantity announced, will be established if price conditions warrant.
9
Forward Contracting For the 2017 upland cotton crop, growers in the United States had booked about 10 percent of their expected acreage by the end of September this season. This was up from 5 percent booked through the same period last year. Contracting has been most active in the Southeastern and South Central states where about 14 and 15 percent respectively, was under contract by the end of September, compared to 12 percent a year earlier. Southwestern states' growers had forward contracted about 7 percent, compared to only 1 percent the previous year. Western states’ growers had contracted 4 percent of the crop, below the 6 percent last year. These estimates were based on the National Agricultural Statistics Board's September Harvested Acreage report and informal surveys made by the USDA, Agricultural Marketing Service, Cotton and Tobacco Program. Forward contracting of Upland cotton by growers, as of October 1, crops of 2008-2017 1/
Cotton Crops 2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Acreage for harvest 2/
Pct.
Pct.
Pct.
Pct.
Pct.
Pct.
Pct.
Pct.
Pct.
Pct.
1,000 acres
States
Alabama Florida Georgia North Carolina South Carolina Virginia
10 14 12 11 11 13
3 10 13 3 2 4
14 10 28 28 20 30
41 18 20 44 24 33
30 8 18 14 7 11
30 15 40 30 32 43
22 8 24 18 26 19
7 7 4 9 9 14
6 9 15 12 4 29
6 4 20 10 8 19
428 98 1,280 365 245 83
Southeastern States
12
9
17
30
17
35
22
6
12
14
2,499
Arkansas Louisiana Mississippi Missouri Tennessee
5 67 6 19 1
2 13 * *
17 47 1 9 10
63 56 54 78 69
33 49 20 35 38
16 15 9 29 10
10 12 7 12 8
15 7 3 3 4
9 66 8 2 4
30 34 9 4 7
438 215 625 297 340
South Central States
16
2
14
63
33
16
9
6
12
15
1,915
Oklahoma 3/ Texas
8
2
22
33
5
4
2 6
2 1
* 1
1 8
646 5,900
Southwestern States
8
2
21
31
5
4
5
1
1
7
6,546
Arizona California New Mexico
5 -
-
16 14 -
1 7 -
5 8 -
3 4 1
3 -
11 -
8 4 2
8 -
158 90 55
Western States
3
-
-
3
5
3
2
6
6
4
303
10
4
4
37
14
16
9
3
United States
5
10
11,263
1/ Contracting estimates do not include cotton consigned to marketing organizations but do include cotton contracted with marketing organizations. 2/September 2017, Agricultural Statistics Board, NASS, USDA. 3/ Includes Kansas, 2008-2017 crops. * Less than 0.5 percent.
10
Number of Bales in Certificated Stocks Stocks as of 10-5-2017
Awaiting Review
Non-Rain Grown Cotton
357
0
0
Galveston, TX
3,475
0
0
Greenville, SC
57
0
0
Houston, TX
690
0
0
Memphis, TN
865
0
0
5,444
0
0
Delivery Points Dallas/FT. Worth, TX
Total
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 68.52 69.77 70.27 71.77
SOUTHEAST 41-4 51-5 67.02 63.52 69.02 64.52 69.52 65.02 71.27 65.27 21-2 65.00 65.50 67.25 68.75 70.25 71.00 71.75 71.75
42-4 64.77 66.27 66.27 66.52
31-3 67.27 69.02 69.52 71.77
EAST TEXAS-OKLAHOMA 31-3 41-4 64.25 62.75 65.00 64.25 67.00 65.25 68.75 68.00 69.50 68.00 69.75 68.50 70.00 68.75 70.00 70.00
NORTH DELTA 41-4 51-5 65.52 61.02 68.27 62.52 68.77 63.52 70.02 63.77 42-4 61.75 62.75 63.50 67.00 67.00 67.25 67.25 67.25
21-2 64.75 65.75 67.75 68.25 70.25 70.50 71.25 71.25
42-4 63.77 64.52 65.27 65.27
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 63.25 61.50 65.00 63.50 66.75 64.25 67.50 67.50 69.00 67.50 69.75 68.25 70.25 68.75 70.50 69.50
42-4 60.50 62.25 63.25 65.25 66.00 67.75 67.75 67.75
SOUTH DELTA 41-4 51-5 65.52 61.02 68.27 62.52 68.77 63.52 70.02 63.77
31-3 67.27 69.02 69.52 71.77
Staple 26-31 32 33 34 35 36 37 38
21-2
68.17 74.42 77.92 79.42 81.67
42-4 63.77 64.52 65.27 65.52
21-2 62.02 64.27 68.52 69.12
SAN JOAQUIN VALLEY 31-3 41-4
66.67 72.92 76.42 77.67 79.42
64.02 66.02 66.82 66.92 66.92
DESERT SOUTHWEST 31-3 41-4 61.27 56.77 63.52 63.02 67.02 63.27 68.37 63.37
51-5 55.02 55.52 57.27 57.52
32-3
63.52 66.02 66.77 67.27 68.27
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
October 5, 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
Diff. -810 -1095
5
80.00 82.25 82.25 1 -715 2 6 79.50 81.75 81.75 -1035 1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
October 5, 2017
12
