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. 18 December 1, 2017 Inside this Issue Market Overview Price Support Spot Quotations ICE Futures A Index
Average quotations were 178 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 70.15 cents per pound for the week ending Thursday, November 30, 2017. The weekly average was up from 68.37 last week, but down from 70.40 cents reported the corresponding period a year ago. Daily average quotations ranged from a low of 69.30 cents Monday, November 27 to a high of 71.16 cents Wednesday, November 29. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended November 30 totaled 98,660 bales. This compares to 98,441 bales reported last week and 54,536 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 434,925 bales compared to 356,031 bales the corresponding week a year ago. The ICE March settlement prices ended the week at 72.81 cents, compared to 71.14 cents last week. Average Prices 41-4-34 Date
SE
ND
SD
ET-OK
WT
DSW
SJV
7-MKT AVG
Southeastern
24-Nov 27-Nov 28-Nov
72.68 72.17 72.89
71.18 70.67 71.39
71.18 70.67 71.39
69.25 69.00 69.25
69.25 69.00 69.25
66.68 66.17 66.89
67.93 67.42 68.14
69.74 69.30 69.89
Textile Mill Report
29-Nov 30-Nov
74.18 73.56
72.68 72.06
72.68 72.06
70.50 70.25
70.50 70.25
68.18 67.56
69.43 68.81
71.16 70.65
South Central
Date
SE
ND
SD
ET-OK
WT
DSW
SJV
7-MKT AVG
24-Nov
74.43
72.93
72.93
71.00
71.25
70.68
76.83
72.86
27-Nov
73.92
72.42
72.42
70.75
71.00
70.17
76.32
72.43
28-Nov
74.64
73.14
73.14
71.00
71.25
70.89
77.04
73.01
29-Nov 30-Nov
75.93 75.31
74.43 73.81
74.43 73.81
72.25 72.00
72.50 72.25
72.18 71.56
78.33 77.71
74.29 73.78
Average Prices 31-3-35
Southwestern Western
Date
Dec-17
Mar-18
May-18
Jul-18
Oct-18
Dec-18
Far Eastern A Index 1/ Current
24-Nov 27-Nov 28-Nov 29-Nov 30-Nov
72.23 72.15 74.05 75.52 75.04
71.93 71.42 72.14 73.43 72.81
72.82 72.24 72.81 73.97 73.48
73.28 72.67 73.11 74.15 73.83
71.53 70.91 70.98 71.70 71.69
71.11 70.76 70.51 70.97 70.71
81.60 82.35 81.75 82.45 83.70
Date 24-Nov 27-Nov 28-Nov 29-Nov 30-Nov
SE 0 0 711 100 0
ND 3,131 0 0 2,948 0
SD 0 0 0 310 0
ET-OK 5,294 2,600 4,013 6,079 3,972
WT 13,290 10,331 9,787 25,215 10,755
DSW 48 0 0 0 0
SJV 76 0 0 0 0
PIMA 0 0 0 50 32
Weekly Totals
811
6,079
310
21,958
69,378
48
76
82
Futures Settlement
Pima Quotations Cotton Market Reports
Spot Transactions
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Sources: USDA, AMS, Cotton and Tobacco Program, 1/ Cotlook
Southeastern Markets Regional Summary
Danny Pino Macon, GA [email protected]
Spot cotton trading was moderate. Supplies were light. Demand was light. Average local spot prices were higher. Trading of CCC-loan equities was inactive. No forward contracting was reported. Cotton was being delivered to meet contractual obligations. Cool, mostly dry conditions dominated the weather pattern across South Carolina and much of the lower Southeast during the period. Daytime high temperatures were in the 50s to 60s. Similar conditions prevailed in Alabama, portions of south Georgia, and the Florida panhandle. Rain showers brought up to 1 inch of rain to the Atlantic coastal region and some adjacent inland areas. Seasonable weather conditions were observed across North Carolina and Virginia during the period, with daytime high temperatures in the 60s. Overnight lows dipped into the 20s. The favorable weather helped producers make steady progress with outdoor activities across
the entire Southeast region. Cotton harvesting reached 79 percent in Alabama, 84 in Georgia, 90 in North Carolina and South Carolina, and 93 percent in Virginia, according to the National Agricultural Statistics Service’s Crop Progress report released November 27. Textile Mill Domestic mill buyers inquired for a light volume of color 41, leaf 4 and better, and staple 34 and longer for January 2018 through March 2019 delivery. 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 inquired for a light volume of color 31, leaf 3, and staple 37 cotton for January through March 2018 shipment. No sales were reported.
Trading A moderate volume of color 31 and better, leaf 3 and better, staple 38 and longer, mike 36-46, strength 28-35, and uniformity 80-85 traded at around 78.25 cents per pound, FOB car/truck (Rule 5, compression charges paid). A light volume of color mostly 41 and better, leaf 3 and better, staple 32 and longer, mike 42-50, strength 28-33, and uniformity 78-83 traded at around 50 points off ICE March futures, same terms as above.
2
South Central Markets Regional Summary
Jeff Carnahan Memphis, TN [email protected]
North Delta Spot cotton trading was moderate. 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. Cotton was being delivered to fulfill contracts. Cool, clear weather prevailed during the week. Daytime temperatures were in the 50s and 60s. Overnight lows were in the 20s and 30s. No rainfall was reported. Producers made good progress harvesting the remaining fields. Ginning continued at a steady pace, since most gins had sufficient backlogs of modules on their yards. A number of gins completed annual pressing operations. According to the National Agricultural Statistics Service’s Crop Progress report released November 27, harvesting in Arkansas was 100 percent completed, 98 in Missouri, and 91 percent in Tennessee. According to the U.S. Drought Monitor, abnormally dry to moderate drought conditions were affecting most of the cotton-producing areas in Arkansas and the Bootheel of Missouri. Tennessee had adequate topsoil moisture.
South Delta Spot cotton trading was moderate. 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. Cotton was being delivered to fulfill contracts. Clear, cold weather prevailed during the week. A storm front brought freezing temperatures during the week. Daytime temperatures were in the 50s. Overnight lows were in the 20s and 30s. Harvesting activities were delayed in some late-planted fields; producers were concerned about the condition of cotton still in the field. Producers reported yields from 900 to 1,300 pounds per acre. Ginning progressed slowly in gins that were still operating. A number of gins completed annual pressing operations. According to the National Agricultural Statistics Service’s Crop Progress report released November 27, the crop had been 99 percent harvested in Mississippi. According to the U.S. Drought Monitor, abnormally dry to moderate drought conditions were affecting most of the cotton-producing areas in Louisiana and Mississippi.
Trading North Delta A moderate volume of color 41 and better, leaf 5 and better, staple 35 and longer, mike 37-49, strength 29-33, and uniformity 79-83 traded at around 150 points off ICE March 2018 futures, FOB car/truck (Rule 5, compression charges paid). South Delta A light volume of color 41 and 42, leaf 4 and better, staple 35 and 36, mike 50-55, strength 29-33, and uniformity 79-83 traded at around 50 points off ICE March 2018 futures, FOB car/truck (Rule 5, compression charges paid). A light volume of color 51 and better, leaf 4 and better, staple 37, mike 37-49, strength averaging 30.5, and uniformity averaging 80.5 traded at around 150 points off ICE March futures, same terms as above.
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 higher. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were light. Interest was best from Pakistan, Taiwan, and Turkey. Harvesting advanced under sunny conditions in Kansas with daytime temperature highs in the mid-50s to low 60s. Overnight lows were in the low 30s to upper 40s. Similar conditions were reported in Oklahoma with daytime highs in the low 80s to mid-60s, and overnight lows in the low 40s to low 50s. According to the National Agricultural Statistics Service’s Crop Progress report released on November 27, harvesting was 58 percent completed in Kansas, and 73 percent completed in Oklahoma. Ginning made good progress Oklahoma. According to local reports from Kansas, all gins were operating, but some experienced mechanical setbacks including electronic breakdowns and fires. Modules had begun to accrue at gin yards. A few gins continued pressing services in southern and eastern Texas, but the season was drawing to a close. The USDA Commodity Credit Corporation determined that there is a storage deficit in south Texas for the current marketing year as a result of Hurricane Harvey. The counties included are Brazos, Cameron, Galveston, Harris, Hidalgo, Nueces, San Patricio, Webb, Wharton,
Willacy, and Williamson. The official news release can be viewed at: https://www.fsa.usda.gov/ state-offices/Texas/texas-news-releases/2017/ stnr_tx_20171031_rel-01 West Texas Spot cotton trading was active. Supplies and producer offerings were heavy. Demand was very good. Average local spot prices were higher. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were light. Interest was best from Pakistan, Taiwan, and Turkey. Harvesting and ginning continued with daytime temperature highs in the upper 50s to low 80s and nighttime lows in the upper 20s to mid-40s. Harvesting continued during periods of gusty winds reported as high as 36 miles per hour. Industry reports indicated the region to be approximately 60 to 70 percent harvested and about 40 percent ginned. Some counties were not that far along. A few gins were not operating at capacity, due to a lack of available employees. The Lubbock Classing Office exceeded grading more than 1 million samples during the reporting period. The Lamesa Classing Office graded more than 620,000 samples, and the Abilene Classing Office topped 428,500 samples graded so far this season. Meetings were held for industry members.
Trading East Texas In Texas, a moderate volume of mostly color 52 and better, leaf 4 and better, staple 34-36, mike averaging 49.8, strength 27-33, and uniformity 80-82 sold for around 61.75 cents per pound, FOB warehouse (compression charges not paid). Mixed lots containing a heavy volume of mostly color 43 and better, leaf 7 and better, staple 33-35, mike 34-48, strength 23-29, and uniformity 79-81 sold for around 61.00 cents, same terms as above. A mixed lot containing a moderate volume of mostly color 43 and better, leaf 3-5, staple 35 and longer, mike 42-52, strength 26-34, uniformity 78-83, and 75 percent extraneous matter sold for around 60.50 cents, same terms as above. In Oklahoma, a heavy volume of mostly color 41 and better, leaf 5 and better, staple 36 and 37, mike 39-47, strength 27-33, and uniformity 79-83 sold for around 68.50 cents, FOB car/truck (compression charges not paid). A moderate volume of color 31 and 41, leaf 5 and 6, staple 36 and 37, mike averaging 36.2, strength averaging 32.2, and uniformity averaging 80.6 sold for around 67.00 cents, same terms as above. 5
Southwestern Markets Regional Summary
Jane Byers-Angle Lubbock, TX [email protected]
Trading West Texas Lots containing a heavy volume of mostly color 31 and better, leaf 3 and better, staple 35 and longer, mike 32-45, strength 27-32, and uniformity 76-80 sold for around 72.00 cents per pound, FOB car/truck (compression charges not paid). A moderate volume of color 31 and better, leaf 1 and 2, staple 34 and longer, mike 35-40, strength 26-30, and uniformity 76-80 sold for around 70.00 cents, same terms as above. A heavy volume of mostly color 42 and better, leaf 3 and better, staple 34-37, mike 32-42, strength 30-34, and uniformity 77-82 sold for around 66.00 cents, same terms as above.
Photos Courtesy of: Jane Byers-Angle
6
Western Markets Regional Summary
Maria Townsend Visalia, CA [email protected]
Desert Southwest (DSW) Spot cotton trading was inactive. Supplies were light. Demand was moderate. Producers delivered 2017-crop cotton to the co-op, merchant marketing pools, or into the CCC-loan program. Average local prices were higher. No domestic mill activity was reported. Foreign mill inquiries were moderate. Interest was best from China. Mild weather conditions advanced harvesting and ginning in Arizona. Cloudy conditions moved into the area late in the period. No rainfall was recorded. Harvesting was reported to be 75 to 85 percent completed. Field activity consisted of shredding stalks and preparing fields for winter plantings. Harvesting and ginning progressed normally in New Mexico and El Paso, Texas. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies were light. Demand was moderate. Producers delivered 2017-crop cotton to the coop, merchant marketing pools, or into the CCC loan program. Average local spot prices were higher. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were moderate and mostly from Pakistan and Vietnam. Interest was best for saw-ginned Acala.
Daytime temperatures were mostly in the high 60s to low 70s. A fast moving storm brought cooler temperatures, breezy conditions, and moisture into northern California and snowfall in the Sierra Nevada Mountain range early in the period. Rainfall amounts were less than one-tenth of an inch in the Valley and approximately one-half of an inch was deposited in the Sacramento Valley. Ginning continued uninterrupted. Producers shredded stalks and readied fields for winter plantings. American Pima (AP) Spot cotton trading was inactive. Supplies and demand were moderate. Average local spot prices were steady. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were moderate. Interest was best from India. Some shippers pulled back or suspended offerings and new sales. Temperatures were in the 60s to 80s in Arizona, California, New Mexico, and El Paso, Texas. California received precipitation early in the period. Less than one-tenth of an inch was deposited in the San Joaquin Valley. Harvesting continued in Arizona, New Mexico, and El Paso, Texas. Ginning gained momentum.
Trading Desert Southwest A light volume of color 21, leaf 2, and staple 36 and longer was contracted at around 150 points on ICE March futures. A light volume of 2018-crop Arizona cotton for contract base quality color 31, leaf 3, and staple 35 and longer was contracted. No trading activity was reported.
San Joaquin Valley
American Pima A light volume of Texas Pima color 2, leaf 2, and staple 48 and longer traded for around 140.00 cents per pound, FOB car/truck (compression charges not paid).
7
2017 Crop Quality Southeast Quality Summary 2017-Crop Region Southeast
Classing Office Florence Macon Memphis Southeast
Bales 812,778 1,597,413 153,854 2,564,045
Color Grade 41 31 41 31
Leaf Grade 3 3 4 3
Trash 0.46 0.37 0.54 0.41
Mike 4.56 4.43 4.17 4.46
Staple 36.57 36.72 37.63 36.72
Strength 30.50 29.51 30.39 29.87
Uniformity 81.94 81.87 82.16 81.91
Number of Gins 53 77 14 144
Uniformity 81.90 82.35 81.50
Number Of Gins 41 76 19
South Central Quality Summary 2017-Crop Region South Central
Classing Office Dumas Memphis Rayville
Bales 993,383 1,668,857 373,224
Color Grade 31 31 31
Leaf Grade 4 4 3
Trash 0.49 0.50 0.44
Mike 4.37 4.34 4.53
Staple 37.85 37.71 37.10
Strength 31.71 30.73 31.39
South Central
3,035,464
31
4
0.49
4.37
37.68
31.13
Staple 35.96 36.04 35.44 36.32 36.02
Strength 29.60 30.01 29.19 29.82 29.79
82.10
136
Southwest Quality Summary 2017-Crop Region Southwest
Classing Office Abilene Corpus Christi Lamesa Lubbock Southwest
Bales 450,345 2,053,730 640,212 1,250,820 4,400,762
Color Grade 21 31 21 21 21
Leaf Grade 2 3 2 3 3
Trash 0.28 0.34 0.28 0.29 0.31
Mike 4.03 4.48 3.82 3.35 4.01
Uniformity 80.06 81.14 79.46 79.90 80.43
Number Of Gins 40 59 39 72 211
Uniformity 81.47 81.47 86.21 86.25
Number Of Gins 32 32 2 23
Far West and American Pima Quality Summary 2017-Crop Classing Office Visalia Far West PIMA - Southwest Visalia PIMA - Far West Visalia
Region Far West
Bales 271,850 271,850 8,753 276,934
Color Grade 21 21 1 1
Leaf Grade 2 2 2 1
Trash 0.20 0.20 0.29 0.26
Mike 4.42 4.42 4.24 4.17
Staple 37.36 37.36 47.93 49.21
Strength 32.85 32.85 42.44 43.65
United States Quality Summary 2017-Crop United States Upland United States Pima
10,272,121 285,687
31 1
3 1
0.38 0.26
4.24 4.17
36.72 49.17
30.29 43.61
81.32 86.25
523 25
Source: USDA, AMS, Cotton and Tobacco Program For complete Quality reports click here.
8
World market prices for upland cotton, in cents per pound, in effect from 12:01 a.m., EDT, Friday through midnight, EDT, Thursday 2017-2018 Oct 27
Nov
Nov
Nov
Nov
Dec
Nov 2
3-9
10-16
17-23
24-30
1-7
Adjusted world price 1/
61.01
61.05
61.38
61.37
62.59
64.22
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
0.33
0.33
0.36
0.39
0.47
0.55
Fine count adjustment 2017
0.48
0.48
0.51
0.54
0.62
0.70
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 November 24, 2016
Through November 23, 2017
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
4,268,600
-
7,456,400
Exports
131,300
2,586,000
112,200
2,189,700
Total export commitments
-
6,854,600
-
9,646,100
New sales
204,500
-
277,800
-
Buy-backs and cancellations
2,300
-
1,300
-
202,300
-
276,500
-
0
494,700
52,800
993,300
Net sales Sales next marketing year
Net sales of 276,500 running bales for 2017/2018 were down 23 percent from the previous week and 14 percent from the prior 4-week average. Increases were reported for Pakistan (71,800 RB), China (42,400 RB)Turkey (38,300 RB), and Vietnam (35,500 RB, including 700 RB switched from Taiwan). For 2018/2019, net sales of 52,800 RB were reported for Pakistan (26,400 RB) and China (26,400 RB). Exports of 112,200 RB were up 31 percent from the previous week and 15 percent from the prior 4-week average. The primary destinations were Vietnam (24,300 RB), China (17,500 RB), Mexico (15,500 RB), Indonesia (11,100 RB), and South Korea (8,900 RB). Net sales of Pima totaling 8,600 RB for 2017/2018 were down 51 percent from the previous week and 50 percent from the prior 4-week average. Increases were reported for India (2,200 RB), China (2,200 RB, including decreases of 900 RB), Indonesia (1,800 RB, including 100 RB switched from Japan), and Egypt (1,700 RB). Reductions of 100 RB were reported for Japan. Exports of 14,800 RB--a marketing-year high--were up 28 percent from the previous week and up noticeably from the prior 4-week average. The primary destinations were China (5,500 RB), India (2,600 RB), Pakistan (2,600 RB), and South Korea (1,600 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 700 RB were reported to Vietnam (500 RB) and South Korea (200 RB). Exports to Indonesia (2,300 RB) and Vietnam (1,200 RB), were applied to new or outstanding sales. The current outstanding balance of 56,300 RB is for Indonesia (35,200 RB), Taiwan (11,600 RB), India (3,800 RB), Vietnam (2,400 RB), China (1,500 RB), South Korea (1,200 RB), Bangladesh (500 RB), and Pakistan (100 RB). Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
November 30, 2017
9
Number of Bales in Certificated Stocks Stocks as of 11-30-2017
Awaiting Review
Non-Rain Grown Cotton
357
0
0
Galveston, TX
21,787
0
0
Greenville, SC
37
0
0
Houston, TX
7,025
0
0
Memphis, TN
18,523
0
0
Total
47,729
0
0
Delivery Points Dallas/FT. Worth, TX
Spot quotations are in cents per pound for cotton equal to the Official Standards, net weight, in mixed lots, compressed, FOB car/truck. 31-3 73.06 74.81 75.31 76.81
SOUTHEAST 41-4 51-5 71.56 68.06 73.56 69.06 74.56 69.56 75.81 69.81 21-2 67.25 67.75 69.50 71.75 73.00 74.50 74.75 75.00
42-4 69.31 70.81 70.81 71.06
31-3 71.06 72.81 73.81 76.06
EAST TEXAS-OKLAHOMA 31-3 41-4 66.50 65.00 67.25 66.50 69.25 67.50 70.75 70.25 72.00 70.25 73.25 71.25 73.75 71.50 74.00 74.00
NORTH DELTA 41-4 51-5 69.31 64.81 72.06 66.81 72.06 67.31 73.31 67.56 42-4 64.00 65.00 65.75 69.25 69.25 70.00 70.00 70.00
21-2 68.00 69.00 71.00 71.50 73.50 74.00 74.50 74.75
42-4 67.56 68.31 69.06 69.06
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 66.00 64.25 67.75 66.25 69.75 67.00 70.50 70.25 72.25 70.25 73.25 71.25 73.75 71.50 74.00 74.00
42-4 63.75 65.50 66.50 68.50 69.25 71.00 71.00 71.00
SOUTH DELTA 41-4 51-5 69.31 64.81 72.06 66.81 72.06 67.31 73.31 67.56
31-3 71.06 72.81 73.81 76.06
Staple 26-31 32 33 34 35 36 37 38
21-2
72.96 79.21 82.71 84.21 86.46
42-4 67.56 68.31 69.06 69.31
21-2 66.56 68.81 73.06 73.91
SAN JOAQUIN VALLEY 31-3 41-4
71.46 77.71 81.21 82.46 84.21
68.81 70.81 71.61 71.71 71.71
DESERT SOUTHWEST 31-3 41-4 65.81 61.31 68.06 67.56 71.56 67.81 73.16 67.91
51-5 59.56 60.06 61.81 62.06
32-3
68.31 70.81 71.56 72.06 73.06
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 -1000 -925 -700 -425 -300 0 0 0 -225 -350
STRENGTH DIFFERENCES E. TX Grams WEST OK per tex TEXAS -250 19.0 - 19.9 -250 -250 20.0 - 20.9 -250 -225 21.0 - 21.9 -225 -200 22.0 - 22.9 -200 -175 23.0 - 23.9 -175 -175 24.0 - 24.9 -175 -150 25.0 - 25.9 -150 -100 26.0 - 26.9 -100 0 Base 27.0 - 28.9 0 0 29.0 - 29.9 0 25 30.0 - 30.9 25 25 31.0 - 32.9 25 25 33.0 & above 25
Mike Ranges 24 & Below 25-26 27-29 30-32 33-34 Base 35-36 37-42 Base 43-49 50-52 53 & Above
DESERT SW
SJ VALLEY
-600 -450 -300 -225 -200 -125 0 0 25 50 100
-500 -400 -300 0 0 75 125 250
AVG. -250 -250 -342 -279 -225 -239 -200 -100 0 0 32 54 79
SOUTHEAST -125 -110 -100 -25 0 0 20 30 40 50
NORTH DELTA -90 -80 -70 0 0 0 30 40 50 60
WEST
DESERT
SJ
TEXAS -1000 -925 -700 -425 -300 0 0 0 -225 -350
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. -1067 -963 -818 -468 -257 0 14 0 -271 -396 DESERT SW -100 -90 -80 0 0 0 30 40 50 60
SJ VALLEY -60 -50 -40 0 0 50 80 90 100 110
AVG. -92 -80 -69 -4 0 7 29 37 47 57
November 30, 2017
10
American Pima quotations are for cotton equal to the Official Standards, net weight, in mixed lots, UD Free, FOB warehouse. 1/
AMERICAN PIMA SPOT QUOTATIONS Color
Leaf
Staple 44
46
48
1
1
132.50
140.50
142.25
2
132.25
140.25
142.00
3
124.50
131.50
132.25
1
132.25
140.25
142.00
2
132.00
140.00
141.75
3
124.25
131.25
132.00
4
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on November 14, 2017.
5 6 2
Diff.
5
26 & Below
-1900
6
27-29
-1400
4
3
Mike Range
114.25
121.75
122.50
1
122.00
129.00
129.75
30-32
-900
2
119.50
126.50
127.25
33-34
-400
3
118.25
125.25
126.00
35 & Above
0
4
109.25
116.25
117.00
5
93.25
99.75
100.50
1
103.00
110.00
111.50
2
102.75
109.75
110.75
Range
Diff.
3
102.50
109.50
110.00
35.4 & Below
-1350
4
97.50
104.50
105.00
35.5-36.4
-1100
5
86.25
93.25
93.75
36.5-37.4
-850
37.5 & Above
0
Strength
6 4
6 5
6
(Grams per Tex)
1 2
82.00
91.25
91.75
3
82.00
90.75
91.75
4
82.00
85.25
85.75
5
81.75
85.00
85.50
Extraneous Matter
6
Level
1
Prep
2
74.25
76.50
77.00
3
74.25
76.50
77.00
1 2
4
74.25
76.50
77.00
Other
5
74.00
76.25
76.75
1 2
Diff. -810 -1095 -715
6 73.50 75.75 76.25 -1035 1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
November 30, 2017
11
Weekly Cotton Market Review
Cotton and Tobacco Program Cotton Market News Division 3275 Appling Road Memphis, TN 38133 901.384.3016
Vol. 99 No. 18 December 1, 2017 Inside this Issue Market Overview Price Support Spot Quotations ICE Futures A Index
Average quotations were 178 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 70.15 cents per pound for the week ending Thursday, November 30, 2017. The weekly average was up from 68.37 last week, but down from 70.40 cents reported the corresponding period a year ago. Daily average quotations ranged from a low of 69.30 cents Monday, November 27 to a high of 71.16 cents Wednesday, November 29. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended November 30 totaled 98,660 bales. This compares to 98,441 bales reported last week and 54,536 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 434,925 bales compared to 356,031 bales the corresponding week a year ago. The ICE March settlement prices ended the week at 72.81 cents, compared to 71.14 cents last week. Average Prices 41-4-34 Date
SE
ND
SD
ET-OK
WT
DSW
SJV
7-MKT AVG
Southeastern
24-Nov 27-Nov 28-Nov
72.68 72.17 72.89
71.18 70.67 71.39
71.18 70.67 71.39
69.25 69.00 69.25
69.25 69.00 69.25
66.68 66.17 66.89
67.93 67.42 68.14
69.74 69.30 69.89
Textile Mill Report
29-Nov 30-Nov
74.18 73.56
72.68 72.06
72.68 72.06
70.50 70.25
70.50 70.25
68.18 67.56
69.43 68.81
71.16 70.65
South Central
Date
SE
ND
SD
ET-OK
WT
DSW
SJV
7-MKT AVG
24-Nov
74.43
72.93
72.93
71.00
71.25
70.68
76.83
72.86
27-Nov
73.92
72.42
72.42
70.75
71.00
70.17
76.32
72.43
28-Nov
74.64
73.14
73.14
71.00
71.25
70.89
77.04
73.01
29-Nov 30-Nov
75.93 75.31
74.43 73.81
74.43 73.81
72.25 72.00
72.50 72.25
72.18 71.56
78.33 77.71
74.29 73.78
Average Prices 31-3-35
Southwestern Western
Date
Dec-17
Mar-18
May-18
Jul-18
Oct-18
Dec-18
Far Eastern A Index 1/ Current
24-Nov 27-Nov 28-Nov 29-Nov 30-Nov
72.23 72.15 74.05 75.52 75.04
71.93 71.42 72.14 73.43 72.81
72.82 72.24 72.81 73.97 73.48
73.28 72.67 73.11 74.15 73.83
71.53 70.91 70.98 71.70 71.69
71.11 70.76 70.51 70.97 70.71
81.60 82.35 81.75 82.45 83.70
Date 24-Nov 27-Nov 28-Nov 29-Nov 30-Nov
SE 0 0 711 100 0
ND 3,131 0 0 2,948 0
SD 0 0 0 310 0
ET-OK 5,294 2,600 4,013 6,079 3,972
WT 13,290 10,331 9,787 25,215 10,755
DSW 48 0 0 0 0
SJV 76 0 0 0 0
PIMA 0 0 0 50 32
Weekly Totals
811
6,079
310
21,958
69,378
48
76
82
Futures Settlement
Pima Quotations Cotton Market Reports
Spot Transactions
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Sources: USDA, AMS, Cotton and Tobacco Program, 1/ Cotlook
Southeastern Markets Regional Summary
Danny Pino Macon, GA [email protected]
Spot cotton trading was moderate. Supplies were light. Demand was light. Average local spot prices were higher. Trading of CCC-loan equities was inactive. No forward contracting was reported. Cotton was being delivered to meet contractual obligations. Cool, mostly dry conditions dominated the weather pattern across South Carolina and much of the lower Southeast during the period. Daytime high temperatures were in the 50s to 60s. Similar conditions prevailed in Alabama, portions of south Georgia, and the Florida panhandle. Rain showers brought up to 1 inch of rain to the Atlantic coastal region and some adjacent inland areas. Seasonable weather conditions were observed across North Carolina and Virginia during the period, with daytime high temperatures in the 60s. Overnight lows dipped into the 20s. The favorable weather helped producers make steady progress with outdoor activities across
the entire Southeast region. Cotton harvesting reached 79 percent in Alabama, 84 in Georgia, 90 in North Carolina and South Carolina, and 93 percent in Virginia, according to the National Agricultural Statistics Service’s Crop Progress report released November 27. Textile Mill Domestic mill buyers inquired for a light volume of color 41, leaf 4 and better, and staple 34 and longer for January 2018 through March 2019 delivery. 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 inquired for a light volume of color 31, leaf 3, and staple 37 cotton for January through March 2018 shipment. No sales were reported.
Trading A moderate volume of color 31 and better, leaf 3 and better, staple 38 and longer, mike 36-46, strength 28-35, and uniformity 80-85 traded at around 78.25 cents per pound, FOB car/truck (Rule 5, compression charges paid). A light volume of color mostly 41 and better, leaf 3 and better, staple 32 and longer, mike 42-50, strength 28-33, and uniformity 78-83 traded at around 50 points off ICE March futures, same terms as above.
2
South Central Markets Regional Summary
Jeff Carnahan Memphis, TN [email protected]
North Delta Spot cotton trading was moderate. 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. Cotton was being delivered to fulfill contracts. Cool, clear weather prevailed during the week. Daytime temperatures were in the 50s and 60s. Overnight lows were in the 20s and 30s. No rainfall was reported. Producers made good progress harvesting the remaining fields. Ginning continued at a steady pace, since most gins had sufficient backlogs of modules on their yards. A number of gins completed annual pressing operations. According to the National Agricultural Statistics Service’s Crop Progress report released November 27, harvesting in Arkansas was 100 percent completed, 98 in Missouri, and 91 percent in Tennessee. According to the U.S. Drought Monitor, abnormally dry to moderate drought conditions were affecting most of the cotton-producing areas in Arkansas and the Bootheel of Missouri. Tennessee had adequate topsoil moisture.
South Delta Spot cotton trading was moderate. 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. Cotton was being delivered to fulfill contracts. Clear, cold weather prevailed during the week. A storm front brought freezing temperatures during the week. Daytime temperatures were in the 50s. Overnight lows were in the 20s and 30s. Harvesting activities were delayed in some late-planted fields; producers were concerned about the condition of cotton still in the field. Producers reported yields from 900 to 1,300 pounds per acre. Ginning progressed slowly in gins that were still operating. A number of gins completed annual pressing operations. According to the National Agricultural Statistics Service’s Crop Progress report released November 27, the crop had been 99 percent harvested in Mississippi. According to the U.S. Drought Monitor, abnormally dry to moderate drought conditions were affecting most of the cotton-producing areas in Louisiana and Mississippi.
Trading North Delta A moderate volume of color 41 and better, leaf 5 and better, staple 35 and longer, mike 37-49, strength 29-33, and uniformity 79-83 traded at around 150 points off ICE March 2018 futures, FOB car/truck (Rule 5, compression charges paid). South Delta A light volume of color 41 and 42, leaf 4 and better, staple 35 and 36, mike 50-55, strength 29-33, and uniformity 79-83 traded at around 50 points off ICE March 2018 futures, FOB car/truck (Rule 5, compression charges paid). A light volume of color 51 and better, leaf 4 and better, staple 37, mike 37-49, strength averaging 30.5, and uniformity averaging 80.5 traded at around 150 points off ICE March futures, same terms as above.
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 higher. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were light. Interest was best from Pakistan, Taiwan, and Turkey. Harvesting advanced under sunny conditions in Kansas with daytime temperature highs in the mid-50s to low 60s. Overnight lows were in the low 30s to upper 40s. Similar conditions were reported in Oklahoma with daytime highs in the low 80s to mid-60s, and overnight lows in the low 40s to low 50s. According to the National Agricultural Statistics Service’s Crop Progress report released on November 27, harvesting was 58 percent completed in Kansas, and 73 percent completed in Oklahoma. Ginning made good progress Oklahoma. According to local reports from Kansas, all gins were operating, but some experienced mechanical setbacks including electronic breakdowns and fires. Modules had begun to accrue at gin yards. A few gins continued pressing services in southern and eastern Texas, but the season was drawing to a close. The USDA Commodity Credit Corporation determined that there is a storage deficit in south Texas for the current marketing year as a result of Hurricane Harvey. The counties included are Brazos, Cameron, Galveston, Harris, Hidalgo, Nueces, San Patricio, Webb, Wharton,
Willacy, and Williamson. The official news release can be viewed at: https://www.fsa.usda.gov/ state-offices/Texas/texas-news-releases/2017/ stnr_tx_20171031_rel-01 West Texas Spot cotton trading was active. Supplies and producer offerings were heavy. Demand was very good. Average local spot prices were higher. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign inquiries were light. Interest was best from Pakistan, Taiwan, and Turkey. Harvesting and ginning continued with daytime temperature highs in the upper 50s to low 80s and nighttime lows in the upper 20s to mid-40s. Harvesting continued during periods of gusty winds reported as high as 36 miles per hour. Industry reports indicated the region to be approximately 60 to 70 percent harvested and about 40 percent ginned. Some counties were not that far along. A few gins were not operating at capacity, due to a lack of available employees. The Lubbock Classing Office exceeded grading more than 1 million samples during the reporting period. The Lamesa Classing Office graded more than 620,000 samples, and the Abilene Classing Office topped 428,500 samples graded so far this season. Meetings were held for industry members.
Trading East Texas In Texas, a moderate volume of mostly color 52 and better, leaf 4 and better, staple 34-36, mike averaging 49.8, strength 27-33, and uniformity 80-82 sold for around 61.75 cents per pound, FOB warehouse (compression charges not paid). Mixed lots containing a heavy volume of mostly color 43 and better, leaf 7 and better, staple 33-35, mike 34-48, strength 23-29, and uniformity 79-81 sold for around 61.00 cents, same terms as above. A mixed lot containing a moderate volume of mostly color 43 and better, leaf 3-5, staple 35 and longer, mike 42-52, strength 26-34, uniformity 78-83, and 75 percent extraneous matter sold for around 60.50 cents, same terms as above. In Oklahoma, a heavy volume of mostly color 41 and better, leaf 5 and better, staple 36 and 37, mike 39-47, strength 27-33, and uniformity 79-83 sold for around 68.50 cents, FOB car/truck (compression charges not paid). A moderate volume of color 31 and 41, leaf 5 and 6, staple 36 and 37, mike averaging 36.2, strength averaging 32.2, and uniformity averaging 80.6 sold for around 67.00 cents, same terms as above. 5
Southwestern Markets Regional Summary
Jane Byers-Angle Lubbock, TX [email protected]
Trading West Texas Lots containing a heavy volume of mostly color 31 and better, leaf 3 and better, staple 35 and longer, mike 32-45, strength 27-32, and uniformity 76-80 sold for around 72.00 cents per pound, FOB car/truck (compression charges not paid). A moderate volume of color 31 and better, leaf 1 and 2, staple 34 and longer, mike 35-40, strength 26-30, and uniformity 76-80 sold for around 70.00 cents, same terms as above. A heavy volume of mostly color 42 and better, leaf 3 and better, staple 34-37, mike 32-42, strength 30-34, and uniformity 77-82 sold for around 66.00 cents, same terms as above.
Photos Courtesy of: Jane Byers-Angle
6
Western Markets Regional Summary
Maria Townsend Visalia, CA [email protected]
Desert Southwest (DSW) Spot cotton trading was inactive. Supplies were light. Demand was moderate. Producers delivered 2017-crop cotton to the co-op, merchant marketing pools, or into the CCC-loan program. Average local prices were higher. No domestic mill activity was reported. Foreign mill inquiries were moderate. Interest was best from China. Mild weather conditions advanced harvesting and ginning in Arizona. Cloudy conditions moved into the area late in the period. No rainfall was recorded. Harvesting was reported to be 75 to 85 percent completed. Field activity consisted of shredding stalks and preparing fields for winter plantings. Harvesting and ginning progressed normally in New Mexico and El Paso, Texas. San Joaquin Valley (SJV) Spot cotton trading was inactive. Supplies were light. Demand was moderate. Producers delivered 2017-crop cotton to the coop, merchant marketing pools, or into the CCC loan program. Average local spot prices were higher. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were moderate and mostly from Pakistan and Vietnam. Interest was best for saw-ginned Acala.
Daytime temperatures were mostly in the high 60s to low 70s. A fast moving storm brought cooler temperatures, breezy conditions, and moisture into northern California and snowfall in the Sierra Nevada Mountain range early in the period. Rainfall amounts were less than one-tenth of an inch in the Valley and approximately one-half of an inch was deposited in the Sacramento Valley. Ginning continued uninterrupted. Producers shredded stalks and readied fields for winter plantings. American Pima (AP) Spot cotton trading was inactive. Supplies and demand were moderate. Average local spot prices were steady. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were moderate. Interest was best from India. Some shippers pulled back or suspended offerings and new sales. Temperatures were in the 60s to 80s in Arizona, California, New Mexico, and El Paso, Texas. California received precipitation early in the period. Less than one-tenth of an inch was deposited in the San Joaquin Valley. Harvesting continued in Arizona, New Mexico, and El Paso, Texas. Ginning gained momentum.
Trading Desert Southwest A light volume of color 21, leaf 2, and staple 36 and longer was contracted at around 150 points on ICE March futures. A light volume of 2018-crop Arizona cotton for contract base quality color 31, leaf 3, and staple 35 and longer was contracted. No trading activity was reported.
San Joaquin Valley
American Pima A light volume of Texas Pima color 2, leaf 2, and staple 48 and longer traded for around 140.00 cents per pound, FOB car/truck (compression charges not paid).
7
2017 Crop Quality Southeast Quality Summary 2017-Crop Region Southeast
Classing Office Florence Macon Memphis Southeast
Bales 812,778 1,597,413 153,854 2,564,045
Color Grade 41 31 41 31
Leaf Grade 3 3 4 3
Trash 0.46 0.37 0.54 0.41
Mike 4.56 4.43 4.17 4.46
Staple 36.57 36.72 37.63 36.72
Strength 30.50 29.51 30.39 29.87
Uniformity 81.94 81.87 82.16 81.91
Number of Gins 53 77 14 144
Uniformity 81.90 82.35 81.50
Number Of Gins 41 76 19
South Central Quality Summary 2017-Crop Region South Central
Classing Office Dumas Memphis Rayville
Bales 993,383 1,668,857 373,224
Color Grade 31 31 31
Leaf Grade 4 4 3
Trash 0.49 0.50 0.44
Mike 4.37 4.34 4.53
Staple 37.85 37.71 37.10
Strength 31.71 30.73 31.39
South Central
3,035,464
31
4
0.49
4.37
37.68
31.13
Staple 35.96 36.04 35.44 36.32 36.02
Strength 29.60 30.01 29.19 29.82 29.79
82.10
136
Southwest Quality Summary 2017-Crop Region Southwest
Classing Office Abilene Corpus Christi Lamesa Lubbock Southwest
Bales 450,345 2,053,730 640,212 1,250,820 4,400,762
Color Grade 21 31 21 21 21
Leaf Grade 2 3 2 3 3
Trash 0.28 0.34 0.28 0.29 0.31
Mike 4.03 4.48 3.82 3.35 4.01
Uniformity 80.06 81.14 79.46 79.90 80.43
Number Of Gins 40 59 39 72 211
Uniformity 81.47 81.47 86.21 86.25
Number Of Gins 32 32 2 23
Far West and American Pima Quality Summary 2017-Crop Classing Office Visalia Far West PIMA - Southwest Visalia PIMA - Far West Visalia
Region Far West
Bales 271,850 271,850 8,753 276,934
Color Grade 21 21 1 1
Leaf Grade 2 2 2 1
Trash 0.20 0.20 0.29 0.26
Mike 4.42 4.42 4.24 4.17
Staple 37.36 37.36 47.93 49.21
Strength 32.85 32.85 42.44 43.65
United States Quality Summary 2017-Crop United States Upland United States Pima
10,272,121 285,687
31 1
3 1
0.38 0.26
4.24 4.17
36.72 49.17
30.29 43.61
81.32 86.25
523 25
Source: USDA, AMS, Cotton and Tobacco Program For complete Quality reports click here.
8
World market prices for upland cotton, in cents per pound, in effect from 12:01 a.m., EDT, Friday through midnight, EDT, Thursday 2017-2018 Oct 27
Nov
Nov
Nov
Nov
Dec
Nov 2
3-9
10-16
17-23
24-30
1-7
Adjusted world price 1/
61.01
61.05
61.38
61.37
62.59
64.22
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
0.33
0.33
0.36
0.39
0.47
0.55
Fine count adjustment 2017
0.48
0.48
0.51
0.54
0.62
0.70
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 November 24, 2016
Through November 23, 2017
Week
Mkt. Year
Week
Mkt. Year
Outstanding sales
-
4,268,600
-
7,456,400
Exports
131,300
2,586,000
112,200
2,189,700
Total export commitments
-
6,854,600
-
9,646,100
New sales
204,500
-
277,800
-
Buy-backs and cancellations
2,300
-
1,300
-
202,300
-
276,500
-
0
494,700
52,800
993,300
Net sales Sales next marketing year
Net sales of 276,500 running bales for 2017/2018 were down 23 percent from the previous week and 14 percent from the prior 4-week average. Increases were reported for Pakistan (71,800 RB), China (42,400 RB)Turkey (38,300 RB), and Vietnam (35,500 RB, including 700 RB switched from Taiwan). For 2018/2019, net sales of 52,800 RB were reported for Pakistan (26,400 RB) and China (26,400 RB). Exports of 112,200 RB were up 31 percent from the previous week and 15 percent from the prior 4-week average. The primary destinations were Vietnam (24,300 RB), China (17,500 RB), Mexico (15,500 RB), Indonesia (11,100 RB), and South Korea (8,900 RB). Net sales of Pima totaling 8,600 RB for 2017/2018 were down 51 percent from the previous week and 50 percent from the prior 4-week average. Increases were reported for India (2,200 RB), China (2,200 RB, including decreases of 900 RB), Indonesia (1,800 RB, including 100 RB switched from Japan), and Egypt (1,700 RB). Reductions of 100 RB were reported for Japan. Exports of 14,800 RB--a marketing-year high--were up 28 percent from the previous week and up noticeably from the prior 4-week average. The primary destinations were China (5,500 RB), India (2,600 RB), Pakistan (2,600 RB), and South Korea (1,600 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 700 RB were reported to Vietnam (500 RB) and South Korea (200 RB). Exports to Indonesia (2,300 RB) and Vietnam (1,200 RB), were applied to new or outstanding sales. The current outstanding balance of 56,300 RB is for Indonesia (35,200 RB), Taiwan (11,600 RB), India (3,800 RB), Vietnam (2,400 RB), China (1,500 RB), South Korea (1,200 RB), Bangladesh (500 RB), and Pakistan (100 RB). Source: Export Sales Reporting Division, Foreign Agricultural Service, USDA. NOTE: Data may not add due to rounding.
November 30, 2017
9
Number of Bales in Certificated Stocks Stocks as of 11-30-2017
Awaiting Review
Non-Rain Grown Cotton
357
0
0
Galveston, TX
21,787
0
0
Greenville, SC
37
0
0
Houston, TX
7,025
0
0
Memphis, TN
18,523
0
0
Total
47,729
0
0
Delivery Points Dallas/FT. Worth, TX
Spot quotations are in cents per pound for cotton equal to the Official Standards, net weight, in mixed lots, compressed, FOB car/truck. 31-3 73.06 74.81 75.31 76.81
SOUTHEAST 41-4 51-5 71.56 68.06 73.56 69.06 74.56 69.56 75.81 69.81 21-2 67.25 67.75 69.50 71.75 73.00 74.50 74.75 75.00
42-4 69.31 70.81 70.81 71.06
31-3 71.06 72.81 73.81 76.06
EAST TEXAS-OKLAHOMA 31-3 41-4 66.50 65.00 67.25 66.50 69.25 67.50 70.75 70.25 72.00 70.25 73.25 71.25 73.75 71.50 74.00 74.00
NORTH DELTA 41-4 51-5 69.31 64.81 72.06 66.81 72.06 67.31 73.31 67.56 42-4 64.00 65.00 65.75 69.25 69.25 70.00 70.00 70.00
21-2 68.00 69.00 71.00 71.50 73.50 74.00 74.50 74.75
42-4 67.56 68.31 69.06 69.06
Staple 33 34 35 36
WEST TEXAS 31-3 41-4 66.00 64.25 67.75 66.25 69.75 67.00 70.50 70.25 72.25 70.25 73.25 71.25 73.75 71.50 74.00 74.00
42-4 63.75 65.50 66.50 68.50 69.25 71.00 71.00 71.00
SOUTH DELTA 41-4 51-5 69.31 64.81 72.06 66.81 72.06 67.31 73.31 67.56
31-3 71.06 72.81 73.81 76.06
Staple 26-31 32 33 34 35 36 37 38
21-2
72.96 79.21 82.71 84.21 86.46
42-4 67.56 68.31 69.06 69.31
21-2 66.56 68.81 73.06 73.91
SAN JOAQUIN VALLEY 31-3 41-4
71.46 77.71 81.21 82.46 84.21
68.81 70.81 71.61 71.71 71.71
DESERT SOUTHWEST 31-3 41-4 65.81 61.31 68.06 67.56 71.56 67.81 73.16 67.91
51-5 59.56 60.06 61.81 62.06
32-3
68.31 70.81 71.56 72.06 73.06
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 -1000 -925 -700 -425 -300 0 0 0 -225 -350
STRENGTH DIFFERENCES E. TX Grams WEST OK per tex TEXAS -250 19.0 - 19.9 -250 -250 20.0 - 20.9 -250 -225 21.0 - 21.9 -225 -200 22.0 - 22.9 -200 -175 23.0 - 23.9 -175 -175 24.0 - 24.9 -175 -150 25.0 - 25.9 -150 -100 26.0 - 26.9 -100 0 Base 27.0 - 28.9 0 0 29.0 - 29.9 0 25 30.0 - 30.9 25 25 31.0 - 32.9 25 25 33.0 & above 25
Mike Ranges 24 & Below 25-26 27-29 30-32 33-34 Base 35-36 37-42 Base 43-49 50-52 53 & Above
DESERT SW
SJ VALLEY
-600 -450 -300 -225 -200 -125 0 0 25 50 100
-500 -400 -300 0 0 75 125 250
AVG. -250 -250 -342 -279 -225 -239 -200 -100 0 0 32 54 79
SOUTHEAST -125 -110 -100 -25 0 0 20 30 40 50
NORTH DELTA -90 -80 -70 0 0 0 30 40 50 60
WEST
DESERT
SJ
TEXAS -1000 -925 -700 -425 -300 0 0 0 -225 -350
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. -1067 -963 -818 -468 -257 0 14 0 -271 -396 DESERT SW -100 -90 -80 0 0 0 30 40 50 60
SJ VALLEY -60 -50 -40 0 0 50 80 90 100 110
AVG. -92 -80 -69 -4 0 7 29 37 47 57
November 30, 2017
10
American Pima quotations are for cotton equal to the Official Standards, net weight, in mixed lots, UD Free, FOB warehouse. 1/
AMERICAN PIMA SPOT QUOTATIONS Color
Leaf
Staple 44
46
48
1
1
132.50
140.50
142.25
2
132.25
140.25
142.00
3
124.50
131.50
132.25
1
132.25
140.25
142.00
2
132.00
140.00
141.75
3
124.25
131.25
132.00
4
The current Pima spot quotations represent prices from local sales, export sales, and offerings last reported on November 14, 2017.
5 6 2
Diff.
5
26 & Below
-1900
6
27-29
-1400
4
3
Mike Range
114.25
121.75
122.50
1
122.00
129.00
129.75
30-32
-900
2
119.50
126.50
127.25
33-34
-400
3
118.25
125.25
126.00
35 & Above
0
4
109.25
116.25
117.00
5
93.25
99.75
100.50
1
103.00
110.00
111.50
2
102.75
109.75
110.75
Range
Diff.
3
102.50
109.50
110.00
35.4 & Below
-1350
4
97.50
104.50
105.00
35.5-36.4
-1100
5
86.25
93.25
93.75
36.5-37.4
-850
37.5 & Above
0
Strength
6 4
6 5
6
(Grams per Tex)
1 2
82.00
91.25
91.75
3
82.00
90.75
91.75
4
82.00
85.25
85.75
5
81.75
85.00
85.50
Extraneous Matter
6
Level
1
Prep
2
74.25
76.50
77.00
3
74.25
76.50
77.00
1 2
4
74.25
76.50
77.00
Other
5
74.00
76.25
76.75
1 2
Diff. -810 -1095 -715
6 73.50 75.75 76.25 -1035 1/ Pima spot quotations for color-leaf-staple combinations not quoted will be included as sales of those qualities which are reported.
November 30, 2017
11
