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. 11 October 13, 2017 Inside this Issue Market Overview Price Support Spot Quotations ICE Futures A Index
Average quotations were 35 points higher than the previous week, according to the USDA, Agricultural Marketing Service’s Cotton and Tobacco Program. Quotations for the base quality of cotton (color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength 27.0-28.9, uniformity 81.0-81.9) in the seven designated markets averaged 67.04 cents per pound for the week ending Thursday, October 12, 2017. The weekly average was up from 66.69 last week, and 66.87 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 67.43 cents Monday, October 9 to a low of 66.14 cents Thursday, October 12. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended October 12 totaled 6,513 bales. This compares to 7,209 bales reported last week and 4,907 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 50,440 bales compared to 44,201 bales the corresponding week a year ago. The ICE December settlement prices ended the week at 67.84 cents, compared to 68.27 cents last week.
Southeastern Textile Mill Report South Central Southwestern Western Crop Production Ginnings Supply & Demand
Pima Quotations Cotton Market Reports
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Subscribe to all Cotton Market reports Sources: USDA, AMS, Cotton and Tobacco Program, 1/ Cotlook
Southeastern Markets Regional Summary
Danny Pino Macon, GA [email protected]
Spot cotton trading was slow. Supplies were light. Demand was light. Average local spot prices were higher. Trading of CCC-loan equities was inactive. No forward contracting was reported. Wet and warm conditions dominated the weather pattern across South Carolina and much of the lower Southeast during the period. Daytime high temperatures were in the 80s. Hurricane Nate brought around one-half of an inch up to six inches of moisture to areas throughout the Gulf, Alabama, portions of south Georgia, and the Atlantic coastal region. The moisture brought harvest activities to a standstill in the affected areas. Very few fields in south Alabama were at their most vulnerable stage and only light yield losses were expected. Saturated soils made the transfer of modules from fields to gin yards difficult; most gins had sufficient backlogs of modules to continue pressing operations uninterruptedly. Mostly cloudy conditions were observed across North Carolina and Virginia during the period, with daytime high temperatures in the low 80s. Overnight lows dipped into the 50s late-week.
Intermittent shower activity brought less than one-half of an inch of accumulated moisture to these areas during the period, with more rain in the forecast. Cotton harvest was underway across the entire Southeast region and reached 22 percent in Alabama, 19 in Georgia, 13 in North Carolina, 19 in South Carolina, and 5 percent in Virginia, according to the National Agricultural Statistics Service’s Crop Progress report released October 10. Textile Mill Domestic mill buyers inquired for a light volume of color 41, leaf 4 and better, and staple 34 and longer for January through March delivery 2018. No sales were reported. Most mills have covered their immediate to nearby raw cotton needs. The undertone from mill buyers was cautious. Demand through export channels was light. Mill buyers in the Far East purchased a light volume of color 31, leaf 3, and staple 36 cotton for January through March 2018 shipment. No additional sales were reported.
Trading A moderate volume of color 31 and better, leaf 4 and better, staple 34 and longer, mike 35-49, strength 28-33, and uniformity 78-83 traded at around 225 points on ICE December futures, FOB car/truck (Rule 5, compression charges paid).
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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 higher. Trading of CCC-loan equities was inactive. No forward contracting was reported. Hot, dry weather early in the week gave way to high humidity and thunderstorms as the remnants of Hurricane Nate moved through the Memphis territory. Approximately 1 inch of rain fell generally throughout the region. Daytime temperatures were in the low 90s. Overnight lows were in the 70s early in the period, but a cold front brought lows in the 50s late week. The crop made good progress. Defoliation and harvesting were delayed, due to inclement weather events. Most gins in the Memphis territory completed pre-season preparations; several had accumulated sufficient modules on their yards to commence annual pressing operations. Producers were carefully watching the extended forecast for temperatures in order to properly time the application of defoliants, which lose their effectiveness in cool weather. Some producers reported average yields of 1,100 pounds per acre, somewhat less than anticipated. According to the National Agricultural Statistics Service’s Crop Progress report released
October 10, harvesting in Arkansas was 29 percent completed, 24 in Missouri, and 24 percent in Tennessee. South Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was moderate. Average local spot prices were higher. Trading of CCC-loan equities was inactive. No forward contracting was reported. Sunny to partly cloudy skies characterized the weather pattern during the week. Daytime temperatures were in the 80s. Overnight lows dropped into the 50s and 60s late week. Harvesting activities stalled briefly in isolated areas in Louisiana and Mississippi as the remnants of Hurricane Nate brushed past the region. Most cotton acreage in Louisiana had been defoliated, but defoliation was delayed on late-planted fields in Mississippi. Ginning was in full swing as the number of modules on gin yards increased. Producers shredded stalks and prepared fields for next season. According to the National Agricultural Statistics Service’s Crop Progress report released October 10, the crop had been 63 percent harvested in Louisiana, compared to 32 percent in Mississippi.
Trading No trading activity was reported. No trading activity was reported.
North Delta South Delta
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Photos Courtesy of: Jeff Carnahan
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Southwestern Markets Regional Summary
Jane Byers-Angle Lubbock, TX [email protected]
East Texas Spot cotton trading was active. Supplies and producer offerings were moderate. Demand was very good. Average local spot prices were steady. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were light. Interest was best from China, Taiwan, and Pakistan. Ginning continued at an accelerated pace in the Upper Coast and Coastal Bend. Harvesting was considered done, although thousands of modules remained in the fields. Gin yards were filled to capacity with modules. Ginning was finalized in the Rio Grande Valley as the two remaining gins finished late in the reporting period. Harvesting continued in the northern Blackland Prairies, with brief interruptions from rainfall. According to local experts, approximately 60 percent of the crop has been harvested. Dryland acres yielded one and one-half to two bales per acre. Modules had accumulated on gin yards. Kansas received some rain, but it caused no major delays in applying defoliants and boll openers. Harvesting was expected to expand in late October. In Oklahoma, harvesting had begun. Rainfall slowed progress, but sandy fields dried quickly. Harvesting continued.
West Texas Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was very light. Average local spot prices were steady. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were light. Interest was best from China, Taiwan, and Pakistan. A Canadian air mass moved into the area producing 40 mile per hour winds early in the reporting period, which slowed boll maturation. Cooler, drier conditions prevailed with daytime highs in the low 60s to mid-80s, and nighttime lows in the mid-30s to high 50s. Intermittent rain showers were received mostly in the northwestern parts of the region and in eastern New Mexico. Bolls in fields continued to open and some were treated with pre-harvest aids. Some fields lacked enough heat units to mature bolls. Producers made management decisions on a field-by-field basis to manage an immature crop late in the season. Irrigated fields presented about a 15-day window of varying maturity levels, according to a local producer. Harvesting and ginning had begun on a limited basis. Texas A&M Agrilife Extension Services hosted several field days and provided educational information for producers. Regional industry meetings were well attended.
Trading East Texas A heavy volume of even-running lots mostly color 11 and 21, leaf 3 and better, staple mostly 37 and 38, mike 30-38, strength 28-38, and uniformity 79-84 sold for 69.00 to 69.25 cents per pound, FOB warehouse (compression charges not paid). A mixed lot containing a light volume of mostly color 32 and better, leaf 3, staple 35 and 36, mike 40-46, strength 30-31, and uniformity 80-82 sold for around 67.00 cents, same terms as above. A light volume of color 31, 32, and 42, leaf 3 and 4, staple 32 and longer, mike 30-46, strength 25-30, and uniformity 78-81 sold for around 62.75 cents, same terms as above. West Texas A light volume of 2016-crop cotton mostly color 31 and 41, leaf 5 and better, staple 33 and longer, mike 33-55, strength 25-28, and uniformity 77-80 sold for around 65.75 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 co-op, merchant marketing pools, or into the CCC loan program. A light volume of producer recaps were offered and mostly for price discovery. No sales were reported. Average local prices were higher. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Clear, warm weather allowed harvesting and defoliation activities to advance in Arizona. Modules accumulated on gin yards. Local sources reported small sized bolls, but preliminary first-pick yields averaged 3 bales per acre. A couple of central Arizona gins began operations in the period. Ginning neared completion in Yuma. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were higher. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Sunny, clear conditions, with breezy afternoons were prevalent early in the period. Strong winds carried thick smoke and ash particles from wildfires raging in northern California to the Valley, which prompted air quality alerts late in the period. Defoliation and harvesting activities gained momentum. Local sources estimated that preliminary
yields were 200 to 250 pounds lighter than expected, due to early season insect pressure and excessive heat during the growing season. A couple of gins began pressing operations in the period. The first new-crop samples were received in the Visalia Classing Office.
American Pima (AP) Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were steady. A few local merchants offered bids for new-crop cotton, but producers were not inclined to accept. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Shippers offering prices remained firm. Interest was best from Bangladesh, China, India, and Vietnam. Temperatures were in the 70s to 90s in Arizona, California, New Mexico, and El Paso, Texas. An air quality alert was issued for the San Joaquin Valley (SJV) of California as heavy smoke and ash filled the air late in the period. Harvesting and defoliation activities advanced in Arizona and California. Modules accumulated in fields and gin yards. SJV sources reported preliminary yields were 200 to 250 pounds lighter than expected, due to early season insect pressure and extreme heat during the growing season. Initial ginning began in Arizona and California. The first new-crop samples arrived at the Visalia Classing Office and were graded in the period.
Trading No trading activity was reported. No trading activity was reported. No trading activity was reported.
Desert Southwest San Joaquin Valley American Pima
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2017 Crop Quality Southeast Quality Summary 2017-Crop Region Southeast
Office Name Florence Macon Memphis Subtotal
Bales 38,818 75,064 1,506
Color Grade 31 31 31
Leaf Grade 3 3 4
115,388
31
3
Trash 0.42 0.36 0.41 0.38
Number of Gins 24 50 1
Mike 4.54 4.40 4.00
Staple 35.89 36.50 37.26
Strength 29.73 29.94 31.72
4.44
36.31
29.89
Mike 4.46 4.45 4.55
Staple 37.50 36.92 36.90
Strength 31.47 31.17 31.17
4.48
37.18
31.30
Staple 36.02 35.65 36.02
Strength 29.90 29.74 29.90
Uniformity 81.10 80.00 81.10
Number Of Gins 55 4 59
Mike 4.61 4.61
Staple 36.03 36.03
Strength 30.62 30.62
Uniformity 81.05 81.05
Number Of Gins 8 8
3.99 3.99 4.45
46.21 46.21 36.22
38.90 38.90 30.14
Uniformity 81.36 81.85 81.90 81.69
75
South Central Quality Summary 2017-Crop Region South Central
Office Name Dumas Memphis Rayville Subtotal
Bales 125,179 83,006 72,420
Color Grade 31 31 41
Leaf Grade 3 4 3
280,605
31
4
Trash 0.55 0.40 0.49 0.49
Uniformity 81.78 82.32 81.50 81.87
Number Of Gins 33 52 18 103
Southwest Quality Summary 2017-Crop Region Southwest
Office Name Corpus Christi Lamesa Subtotal
Bales 1,331,946 1,938 1,333,884
Color Grade 31 43 31
Leaf Grade 3 3 3
Trash 0.34 0.48 0.34
Mike 4.44 4.19 4.44
Far West Quality Summary 2017-Crop Region Southwest
Office Name Visalia Subtotal
Far West-Pima
Visalia Subtotal United States
Bales 29,023 29,023 3,023 3,023 1,758,900
Color Grade 21 21
Leaf Grade 2 2
2 2 31
1 1 3
Trash 0.23 0.23 0.23 0.23 0.36
84.77 84.77 81.26
4 4 245
Source: USDA, AMS, Cotton and Tobacco Program For complete Quality reports click here.
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Crop Production The following information was excerpted from the National Agricultural Statistics Service Crop Production report, released on October 12, 2017 All cotton production is forecast at 21.1 million 480-pound bales, down 3 percent from September but up 23 percent from last year. Yield is expected to average 889 pounds per harvested acre, down 19 pounds from last month but up 22 pounds from last year. If realized, the cotton yield forecast for the Nation will be the second highest yield on record. Upland cotton production is forecast at 20.4 million 480-pound bales, up 23 percent from 2016. Pima cotton production, forecast at 727,000 bales, was carried forward from last month.
For complete Crop Production report click here.
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Ginnings
For complete Ginnings report click here.
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Supply & Demand The following information was excerpted from the World Agricultural Supply and Demand Estimates, released on October 12, 2017 The 2017/18 U.S. cotton supply and demand estimates show lower production, exports, and ending stocks relative to last month. Production is reduced 643,000 bales, largely in Texas and Georgia. Domestic mill use is unchanged from last month, but the export forecast is reduced 400,000 bales to 14.5 million, due to reduced U.S. production and strong competitor shipments. Ending stocks are forecast 200,000 bales below the previous month’s forecast. The resulting stocks-to-use ratio of 32.5 percent is virtually unchanged from the previous month’s forecast, and the highest since 2008/09. The forecast range for the marketing year average farm price is 55.0 to 65.0 cents per pound; the midpoint of 60.0 cents is unchanged from the previous month’s projection.
For complete Supply & Demand report click here.
Spot Transactions
Source: USDA, AMS, Cotton and Tobacco Program
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World market prices for upland cotton, in cents per pound, in effect from 12:01 a.m., EDT, Friday through midnight, EDT, Thursday 2016-2017 and 2017-2018 Sept
Sept
Sept
Sept 29
Oct
Oct
8-14
15-21
22-28
Oct 5
6-12
13-19
Adjusted world price 1/
64.13
63.27
60.91
60.55
60.04
60.44
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
0.63
0.73
0.69
0.47
0.57
0.61
Fine count adjustment 2017
0.78
0.88
0.84
0.62
0.72
0.76
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 October 6, 2016
Through October 5, 2017
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
3,677,200
-
6,043,000
Exports
152,100
1,707,200
118,000
1,505,800
-
5,384,400
227,100
-
200 226,900
Total export commitments New sales Buy-backs and cancellations Net sales
7,548,800 155,500
-
-
1,000
-
-
154,400
-
Sales next marketing year 0 428,000 9,300 763,300 Net sales of 154,400 RB for 2017/2018 were down 4 percent from the previous week and from the prior 4-week average. Increases were reported for Indonesia (32,600 RB, including 1,900 RB switched from Japan), Vietnam (25,600 RB, including 400 RB switched from Japan), China (22,600 RB), Turkey (18,600 RB), Bangladesh (13,600 RB), and Taiwan (9,500 RB). Reductions were reported for Japan (2,000 RB) and Honduras (100 RB). For 2018/2019, net sales of 9,300 RB were reported for China (8,800 RB) and Japan (500 RB). Exports of 118,000 RB were up 3 percent from the previous week, but down 11 percent from the prior 4-week average. Exports were reported primarily to Vietnam (37,800 RB), China (16,800 RB), Indonesia (15,200 RB), Mexico (10,700 RB), and South Korea (8,800 RB). Net sales of Pima totaling 22,000 RB for 2017/2018 were down 7 percent from the previous week and 13 percent from the prior 4-week average. Increases were reported for China (15,300 RB), India (6,200 RB), Peru (400 RB), and El Salvador (100 RB). Exports of 4,300 RB were down 14 percent from the previous week and 16 percent from the prior 4-week average. The primary destinations were China (1,600 RB), India (900 RB), Indonesia (600 RB), and South Korea (400 RB). Optional Origin Sales: The current optional origin outstanding balance of 16,500 RB is for Indonesia. Exports for Own Account: New exports for own account totaling 6,100 RB were reported for Taiwan (2,200 RB), China (2,100 RB), Indonesia (1,700 RB), and Vietnam (100 RB). Exports to Indonesia (7,600 RB), Bangladesh (2,200 RB), Taiwan (2,200 RB), and Vietnam (1,800 RB) were applied to new or outstanding sales. Decreases of 2,200 RB were reported for Indonesia. The current outstanding balance of 70,900 RB is for Indonesia (48,100 RB), Taiwan (13,100 RB), India (3,800 RB), China (2,100 RB), Vietnam (1,700 RB), South Korea (1,100 RB), Bangladesh (500 RB), and Pakistan (500 RB). Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
October 12, 2017
USDA ANNOUNCES SPECIAL IMPORT QUOTA #25 FOR UPLAND COTTON October 12, 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 October 19, 2017, allowing importation of 12,803,341 kilograms (58,805 bales) of upland cotton. Quota number 25 will be established as of October 19, 2017, and will apply to upland cotton purchased not later than January 16, 2018, and entered into the U.S. not later than April 16, 2018. The quota is equivalent to one week's consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period June 2017 through August 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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Number of Bales in Certificated Stocks Stocks as of 10-12-2017
Awaiting Review
Non-Rain Grown Cotton
357
0
0
Galveston, TX
4,645
0
0
Greenville, SC
57
0
0
Houston, TX
896
0
0
Memphis, TN
719
0
0
6,674
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 68.09 69.34 69.84 71.34
SOUTHEAST 41-4 51-5 66.59 63.09 68.59 64.09 69.09 64.59 70.84 64.84 21-2 63.50 64.00 65.75 67.25 68.50 69.25 70.00 70.00
42-4 64.34 65.84 65.84 66.09
31-3 66.84 68.59 69.09 71.34
EAST TEXAS-OKLAHOMA 31-3 41-4 62.75 61.25 63.50 62.75 65.50 63.75 67.25 66.50 68.00 66.50 68.25 67.00 68.50 67.25 68.50 68.50
NORTH DELTA 41-4 51-5 65.09 60.59 67.84 62.09 68.34 63.09 69.59 63.34 42-4 60.25 61.25 62.00 65.50 65.50 65.75 65.75 65.75
21-2 63.25 64.25 66.25 66.75 68.75 69.00 69.75 69.75
42-4 63.34 64.09 64.84 64.84
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 61.75 60.00 63.50 62.00 65.25 62.75 66.00 66.00 67.50 66.00 68.25 66.75 68.75 67.25 69.00 68.00
42-4 59.00 60.75 61.75 63.75 64.50 66.25 66.25 66.25
SOUTH DELTA 41-4 51-5 65.09 60.59 67.84 62.09 68.34 63.09 69.59 63.34
31-3 66.84 68.59 69.09 71.34
Staple 26-31 32 33 34 35 36 37 38
21-2
67.74 73.99 77.49 78.99 81.24
42-4 63.34 64.09 64.84 65.09
21-2 61.59 63.84 68.09 68.69
SAN JOAQUIN VALLEY 31-3 41-4
66.24 72.49 75.99 77.24 78.99
63.59 65.59 66.39 66.49 66.49
DESERT SOUTHWEST 31-3 41-4 60.84 56.34 63.09 62.59 66.59 62.84 67.94 62.94
51-5 54.59 55.09 56.84 57.09
32-3
63.09 65.59 66.34 66.84 67.84
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 12, 2017
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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
122.50
130.50
131.75
2
122.25
130.25
131.50
3
114.50
121.50
121.75
1
122.25
130.25
131.50
2
122.00
130.00
131.25
3
114.25
121.25
121.50
4
104.25
111.75
112.00
4
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on October 11, 2017.
5 6 2
3
Mike Range
Diff.
5
26 & Below
-1900
6
27-29
-1400
30-32
-900
1
112.00
119.00
119.25
2
109.50
116.50
116.75
33-34
-400
3
108.25
115.25
115.50
35 & Above
0
4
99.25
106.25
106.50
5
83.25
89.75
90.00 Strength
6 4
1
93.00
100.00
101.00
2
92.75
99.75
100.25
Range
Diff.
3
92.50
99.50
99.50
35.4 & Below
-1350
4
87.50
94.50
94.50
35.5-36.4
-1100
5
76.25
83.25
83.25
36.5-37.4
-850
37.5 & Above
0
6 5
1 2
72.00
81.25
81.25
3
72.00
80.75
81.25
4
72.00
75.25
75.25
5
71.75
75.00
75.00
6 6
(Grams per Tex)
Extraneous Matter Level
Diff.
Prep
1 2
64.25
66.50
66.50
3
64.25
66.50
66.50
1 2
4
64.25
66.50
66.50
Other
5
64.00
66.25
66.25
-810 -1095
1 -715 2 6 63.50 65.75 65.75 -1035 1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
October 12, 2017
14
Weekly Cotton Market Review
Cotton and Tobacco Program Cotton Market News Division 3275 Appling Road Memphis, TN 38133 901.384.3016
Vol. 99 No. 11 October 13, 2017 Inside this Issue Market Overview Price Support Spot Quotations ICE Futures A Index
Average quotations were 35 points higher than the previous week, according to the USDA, Agricultural Marketing Service’s Cotton and Tobacco Program. Quotations for the base quality of cotton (color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength 27.0-28.9, uniformity 81.0-81.9) in the seven designated markets averaged 67.04 cents per pound for the week ending Thursday, October 12, 2017. The weekly average was up from 66.69 last week, and 66.87 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 67.43 cents Monday, October 9 to a low of 66.14 cents Thursday, October 12. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended October 12 totaled 6,513 bales. This compares to 7,209 bales reported last week and 4,907 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 50,440 bales compared to 44,201 bales the corresponding week a year ago. The ICE December settlement prices ended the week at 67.84 cents, compared to 68.27 cents last week.
Southeastern Textile Mill Report South Central Southwestern Western Crop Production Ginnings Supply & Demand
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 slow. Supplies were light. Demand was light. Average local spot prices were higher. Trading of CCC-loan equities was inactive. No forward contracting was reported. Wet and warm conditions dominated the weather pattern across South Carolina and much of the lower Southeast during the period. Daytime high temperatures were in the 80s. Hurricane Nate brought around one-half of an inch up to six inches of moisture to areas throughout the Gulf, Alabama, portions of south Georgia, and the Atlantic coastal region. The moisture brought harvest activities to a standstill in the affected areas. Very few fields in south Alabama were at their most vulnerable stage and only light yield losses were expected. Saturated soils made the transfer of modules from fields to gin yards difficult; most gins had sufficient backlogs of modules to continue pressing operations uninterruptedly. Mostly cloudy conditions were observed across North Carolina and Virginia during the period, with daytime high temperatures in the low 80s. Overnight lows dipped into the 50s late-week.
Intermittent shower activity brought less than one-half of an inch of accumulated moisture to these areas during the period, with more rain in the forecast. Cotton harvest was underway across the entire Southeast region and reached 22 percent in Alabama, 19 in Georgia, 13 in North Carolina, 19 in South Carolina, and 5 percent in Virginia, according to the National Agricultural Statistics Service’s Crop Progress report released October 10. Textile Mill Domestic mill buyers inquired for a light volume of color 41, leaf 4 and better, and staple 34 and longer for January through March delivery 2018. No sales were reported. Most mills have covered their immediate to nearby raw cotton needs. The undertone from mill buyers was cautious. Demand through export channels was light. Mill buyers in the Far East purchased a light volume of color 31, leaf 3, and staple 36 cotton for January through March 2018 shipment. No additional sales were reported.
Trading A moderate volume of color 31 and better, leaf 4 and better, staple 34 and longer, mike 35-49, strength 28-33, and uniformity 78-83 traded at around 225 points on ICE December futures, FOB car/truck (Rule 5, compression charges paid).
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 higher. Trading of CCC-loan equities was inactive. No forward contracting was reported. Hot, dry weather early in the week gave way to high humidity and thunderstorms as the remnants of Hurricane Nate moved through the Memphis territory. Approximately 1 inch of rain fell generally throughout the region. Daytime temperatures were in the low 90s. Overnight lows were in the 70s early in the period, but a cold front brought lows in the 50s late week. The crop made good progress. Defoliation and harvesting were delayed, due to inclement weather events. Most gins in the Memphis territory completed pre-season preparations; several had accumulated sufficient modules on their yards to commence annual pressing operations. Producers were carefully watching the extended forecast for temperatures in order to properly time the application of defoliants, which lose their effectiveness in cool weather. Some producers reported average yields of 1,100 pounds per acre, somewhat less than anticipated. According to the National Agricultural Statistics Service’s Crop Progress report released
October 10, harvesting in Arkansas was 29 percent completed, 24 in Missouri, and 24 percent in Tennessee. South Delta Spot cotton trading was inactive. Supplies of available cotton were light. Demand was moderate. Average local spot prices were higher. Trading of CCC-loan equities was inactive. No forward contracting was reported. Sunny to partly cloudy skies characterized the weather pattern during the week. Daytime temperatures were in the 80s. Overnight lows dropped into the 50s and 60s late week. Harvesting activities stalled briefly in isolated areas in Louisiana and Mississippi as the remnants of Hurricane Nate brushed past the region. Most cotton acreage in Louisiana had been defoliated, but defoliation was delayed on late-planted fields in Mississippi. Ginning was in full swing as the number of modules on gin yards increased. Producers shredded stalks and prepared fields for next season. According to the National Agricultural Statistics Service’s Crop Progress report released October 10, the crop had been 63 percent harvested in Louisiana, compared to 32 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 steady. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were light. Interest was best from China, Taiwan, and Pakistan. Ginning continued at an accelerated pace in the Upper Coast and Coastal Bend. Harvesting was considered done, although thousands of modules remained in the fields. Gin yards were filled to capacity with modules. Ginning was finalized in the Rio Grande Valley as the two remaining gins finished late in the reporting period. Harvesting continued in the northern Blackland Prairies, with brief interruptions from rainfall. According to local experts, approximately 60 percent of the crop has been harvested. Dryland acres yielded one and one-half to two bales per acre. Modules had accumulated on gin yards. Kansas received some rain, but it caused no major delays in applying defoliants and boll openers. Harvesting was expected to expand in late October. In Oklahoma, harvesting had begun. Rainfall slowed progress, but sandy fields dried quickly. Harvesting continued.
West Texas Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was very light. Average local spot prices were steady. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were light. Interest was best from China, Taiwan, and Pakistan. A Canadian air mass moved into the area producing 40 mile per hour winds early in the reporting period, which slowed boll maturation. Cooler, drier conditions prevailed with daytime highs in the low 60s to mid-80s, and nighttime lows in the mid-30s to high 50s. Intermittent rain showers were received mostly in the northwestern parts of the region and in eastern New Mexico. Bolls in fields continued to open and some were treated with pre-harvest aids. Some fields lacked enough heat units to mature bolls. Producers made management decisions on a field-by-field basis to manage an immature crop late in the season. Irrigated fields presented about a 15-day window of varying maturity levels, according to a local producer. Harvesting and ginning had begun on a limited basis. Texas A&M Agrilife Extension Services hosted several field days and provided educational information for producers. Regional industry meetings were well attended.
Trading East Texas A heavy volume of even-running lots mostly color 11 and 21, leaf 3 and better, staple mostly 37 and 38, mike 30-38, strength 28-38, and uniformity 79-84 sold for 69.00 to 69.25 cents per pound, FOB warehouse (compression charges not paid). A mixed lot containing a light volume of mostly color 32 and better, leaf 3, staple 35 and 36, mike 40-46, strength 30-31, and uniformity 80-82 sold for around 67.00 cents, same terms as above. A light volume of color 31, 32, and 42, leaf 3 and 4, staple 32 and longer, mike 30-46, strength 25-30, and uniformity 78-81 sold for around 62.75 cents, same terms as above. West Texas A light volume of 2016-crop cotton mostly color 31 and 41, leaf 5 and better, staple 33 and longer, mike 33-55, strength 25-28, and uniformity 77-80 sold for around 65.75 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 co-op, merchant marketing pools, or into the CCC loan program. A light volume of producer recaps were offered and mostly for price discovery. No sales were reported. Average local prices were higher. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Clear, warm weather allowed harvesting and defoliation activities to advance in Arizona. Modules accumulated on gin yards. Local sources reported small sized bolls, but preliminary first-pick yields averaged 3 bales per acre. A couple of central Arizona gins began operations in the period. Ginning neared completion in Yuma. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were higher. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Sunny, clear conditions, with breezy afternoons were prevalent early in the period. Strong winds carried thick smoke and ash particles from wildfires raging in northern California to the Valley, which prompted air quality alerts late in the period. Defoliation and harvesting activities gained momentum. Local sources estimated that preliminary
yields were 200 to 250 pounds lighter than expected, due to early season insect pressure and excessive heat during the growing season. A couple of gins began pressing operations in the period. The first new-crop samples were received in the Visalia Classing Office.
American Pima (AP) Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were steady. A few local merchants offered bids for new-crop cotton, but producers were not inclined to accept. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. Shippers offering prices remained firm. Interest was best from Bangladesh, China, India, and Vietnam. Temperatures were in the 70s to 90s in Arizona, California, New Mexico, and El Paso, Texas. An air quality alert was issued for the San Joaquin Valley (SJV) of California as heavy smoke and ash filled the air late in the period. Harvesting and defoliation activities advanced in Arizona and California. Modules accumulated in fields and gin yards. SJV sources reported preliminary yields were 200 to 250 pounds lighter than expected, due to early season insect pressure and extreme heat during the growing season. Initial ginning began in Arizona and California. The first new-crop samples arrived at the Visalia Classing Office and were graded in the period.
Trading No trading activity was reported. No trading activity was reported. No trading activity was reported.
Desert Southwest San Joaquin Valley American Pima
7
2017 Crop Quality Southeast Quality Summary 2017-Crop Region Southeast
Office Name Florence Macon Memphis Subtotal
Bales 38,818 75,064 1,506
Color Grade 31 31 31
Leaf Grade 3 3 4
115,388
31
3
Trash 0.42 0.36 0.41 0.38
Number of Gins 24 50 1
Mike 4.54 4.40 4.00
Staple 35.89 36.50 37.26
Strength 29.73 29.94 31.72
4.44
36.31
29.89
Mike 4.46 4.45 4.55
Staple 37.50 36.92 36.90
Strength 31.47 31.17 31.17
4.48
37.18
31.30
Staple 36.02 35.65 36.02
Strength 29.90 29.74 29.90
Uniformity 81.10 80.00 81.10
Number Of Gins 55 4 59
Mike 4.61 4.61
Staple 36.03 36.03
Strength 30.62 30.62
Uniformity 81.05 81.05
Number Of Gins 8 8
3.99 3.99 4.45
46.21 46.21 36.22
38.90 38.90 30.14
Uniformity 81.36 81.85 81.90 81.69
75
South Central Quality Summary 2017-Crop Region South Central
Office Name Dumas Memphis Rayville Subtotal
Bales 125,179 83,006 72,420
Color Grade 31 31 41
Leaf Grade 3 4 3
280,605
31
4
Trash 0.55 0.40 0.49 0.49
Uniformity 81.78 82.32 81.50 81.87
Number Of Gins 33 52 18 103
Southwest Quality Summary 2017-Crop Region Southwest
Office Name Corpus Christi Lamesa Subtotal
Bales 1,331,946 1,938 1,333,884
Color Grade 31 43 31
Leaf Grade 3 3 3
Trash 0.34 0.48 0.34
Mike 4.44 4.19 4.44
Far West Quality Summary 2017-Crop Region Southwest
Office Name Visalia Subtotal
Far West-Pima
Visalia Subtotal United States
Bales 29,023 29,023 3,023 3,023 1,758,900
Color Grade 21 21
Leaf Grade 2 2
2 2 31
1 1 3
Trash 0.23 0.23 0.23 0.23 0.36
84.77 84.77 81.26
4 4 245
Source: USDA, AMS, Cotton and Tobacco Program For complete Quality reports click here.
8
Crop Production The following information was excerpted from the National Agricultural Statistics Service Crop Production report, released on October 12, 2017 All cotton production is forecast at 21.1 million 480-pound bales, down 3 percent from September but up 23 percent from last year. Yield is expected to average 889 pounds per harvested acre, down 19 pounds from last month but up 22 pounds from last year. If realized, the cotton yield forecast for the Nation will be the second highest yield on record. Upland cotton production is forecast at 20.4 million 480-pound bales, up 23 percent from 2016. Pima cotton production, forecast at 727,000 bales, was carried forward from last month.
For complete Crop Production report click here.
9
Ginnings
For complete Ginnings report click here.
10
Supply & Demand The following information was excerpted from the World Agricultural Supply and Demand Estimates, released on October 12, 2017 The 2017/18 U.S. cotton supply and demand estimates show lower production, exports, and ending stocks relative to last month. Production is reduced 643,000 bales, largely in Texas and Georgia. Domestic mill use is unchanged from last month, but the export forecast is reduced 400,000 bales to 14.5 million, due to reduced U.S. production and strong competitor shipments. Ending stocks are forecast 200,000 bales below the previous month’s forecast. The resulting stocks-to-use ratio of 32.5 percent is virtually unchanged from the previous month’s forecast, and the highest since 2008/09. The forecast range for the marketing year average farm price is 55.0 to 65.0 cents per pound; the midpoint of 60.0 cents is unchanged from the previous month’s projection.
For complete Supply & Demand report click here.
Spot Transactions
Source: USDA, AMS, Cotton and Tobacco Program
11
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 29
Oct
Oct
8-14
15-21
22-28
Oct 5
6-12
13-19
Adjusted world price 1/
64.13
63.27
60.91
60.55
60.04
60.44
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
0.63
0.73
0.69
0.47
0.57
0.61
Fine count adjustment 2017
0.78
0.88
0.84
0.62
0.72
0.76
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 October 6, 2016
Through October 5, 2017
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
3,677,200
-
6,043,000
Exports
152,100
1,707,200
118,000
1,505,800
-
5,384,400
227,100
-
200 226,900
Total export commitments New sales Buy-backs and cancellations Net sales
7,548,800 155,500
-
-
1,000
-
-
154,400
-
Sales next marketing year 0 428,000 9,300 763,300 Net sales of 154,400 RB for 2017/2018 were down 4 percent from the previous week and from the prior 4-week average. Increases were reported for Indonesia (32,600 RB, including 1,900 RB switched from Japan), Vietnam (25,600 RB, including 400 RB switched from Japan), China (22,600 RB), Turkey (18,600 RB), Bangladesh (13,600 RB), and Taiwan (9,500 RB). Reductions were reported for Japan (2,000 RB) and Honduras (100 RB). For 2018/2019, net sales of 9,300 RB were reported for China (8,800 RB) and Japan (500 RB). Exports of 118,000 RB were up 3 percent from the previous week, but down 11 percent from the prior 4-week average. Exports were reported primarily to Vietnam (37,800 RB), China (16,800 RB), Indonesia (15,200 RB), Mexico (10,700 RB), and South Korea (8,800 RB). Net sales of Pima totaling 22,000 RB for 2017/2018 were down 7 percent from the previous week and 13 percent from the prior 4-week average. Increases were reported for China (15,300 RB), India (6,200 RB), Peru (400 RB), and El Salvador (100 RB). Exports of 4,300 RB were down 14 percent from the previous week and 16 percent from the prior 4-week average. The primary destinations were China (1,600 RB), India (900 RB), Indonesia (600 RB), and South Korea (400 RB). Optional Origin Sales: The current optional origin outstanding balance of 16,500 RB is for Indonesia. Exports for Own Account: New exports for own account totaling 6,100 RB were reported for Taiwan (2,200 RB), China (2,100 RB), Indonesia (1,700 RB), and Vietnam (100 RB). Exports to Indonesia (7,600 RB), Bangladesh (2,200 RB), Taiwan (2,200 RB), and Vietnam (1,800 RB) were applied to new or outstanding sales. Decreases of 2,200 RB were reported for Indonesia. The current outstanding balance of 70,900 RB is for Indonesia (48,100 RB), Taiwan (13,100 RB), India (3,800 RB), China (2,100 RB), Vietnam (1,700 RB), South Korea (1,100 RB), Bangladesh (500 RB), and Pakistan (500 RB). Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
October 12, 2017
USDA ANNOUNCES SPECIAL IMPORT QUOTA #25 FOR UPLAND COTTON October 12, 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 October 19, 2017, allowing importation of 12,803,341 kilograms (58,805 bales) of upland cotton. Quota number 25 will be established as of October 19, 2017, and will apply to upland cotton purchased not later than January 16, 2018, and entered into the U.S. not later than April 16, 2018. The quota is equivalent to one week's consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period June 2017 through August 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.
12
Number of Bales in Certificated Stocks Stocks as of 10-12-2017
Awaiting Review
Non-Rain Grown Cotton
357
0
0
Galveston, TX
4,645
0
0
Greenville, SC
57
0
0
Houston, TX
896
0
0
Memphis, TN
719
0
0
6,674
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 68.09 69.34 69.84 71.34
SOUTHEAST 41-4 51-5 66.59 63.09 68.59 64.09 69.09 64.59 70.84 64.84 21-2 63.50 64.00 65.75 67.25 68.50 69.25 70.00 70.00
42-4 64.34 65.84 65.84 66.09
31-3 66.84 68.59 69.09 71.34
EAST TEXAS-OKLAHOMA 31-3 41-4 62.75 61.25 63.50 62.75 65.50 63.75 67.25 66.50 68.00 66.50 68.25 67.00 68.50 67.25 68.50 68.50
NORTH DELTA 41-4 51-5 65.09 60.59 67.84 62.09 68.34 63.09 69.59 63.34 42-4 60.25 61.25 62.00 65.50 65.50 65.75 65.75 65.75
21-2 63.25 64.25 66.25 66.75 68.75 69.00 69.75 69.75
42-4 63.34 64.09 64.84 64.84
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 61.75 60.00 63.50 62.00 65.25 62.75 66.00 66.00 67.50 66.00 68.25 66.75 68.75 67.25 69.00 68.00
42-4 59.00 60.75 61.75 63.75 64.50 66.25 66.25 66.25
SOUTH DELTA 41-4 51-5 65.09 60.59 67.84 62.09 68.34 63.09 69.59 63.34
31-3 66.84 68.59 69.09 71.34
Staple 26-31 32 33 34 35 36 37 38
21-2
67.74 73.99 77.49 78.99 81.24
42-4 63.34 64.09 64.84 65.09
21-2 61.59 63.84 68.09 68.69
SAN JOAQUIN VALLEY 31-3 41-4
66.24 72.49 75.99 77.24 78.99
63.59 65.59 66.39 66.49 66.49
DESERT SOUTHWEST 31-3 41-4 60.84 56.34 63.09 62.59 66.59 62.84 67.94 62.94
51-5 54.59 55.09 56.84 57.09
32-3
63.09 65.59 66.34 66.84 67.84
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 12, 2017
13
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
122.50
130.50
131.75
2
122.25
130.25
131.50
3
114.50
121.50
121.75
1
122.25
130.25
131.50
2
122.00
130.00
131.25
3
114.25
121.25
121.50
4
104.25
111.75
112.00
4
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on October 11, 2017.
5 6 2
3
Mike Range
Diff.
5
26 & Below
-1900
6
27-29
-1400
30-32
-900
1
112.00
119.00
119.25
2
109.50
116.50
116.75
33-34
-400
3
108.25
115.25
115.50
35 & Above
0
4
99.25
106.25
106.50
5
83.25
89.75
90.00 Strength
6 4
1
93.00
100.00
101.00
2
92.75
99.75
100.25
Range
Diff.
3
92.50
99.50
99.50
35.4 & Below
-1350
4
87.50
94.50
94.50
35.5-36.4
-1100
5
76.25
83.25
83.25
36.5-37.4
-850
37.5 & Above
0
6 5
1 2
72.00
81.25
81.25
3
72.00
80.75
81.25
4
72.00
75.25
75.25
5
71.75
75.00
75.00
6 6
(Grams per Tex)
Extraneous Matter Level
Diff.
Prep
1 2
64.25
66.50
66.50
3
64.25
66.50
66.50
1 2
4
64.25
66.50
66.50
Other
5
64.00
66.25
66.25
-810 -1095
1 -715 2 6 63.50 65.75 65.75 -1035 1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
October 12, 2017
14
