From USDA June 16, 2017
Average quotations were 216 points lower than the previous week, according to the USDA, Agricultural Marketing Service’s Cotton and Tobacco Program. Quotations for the base quality of cotton (color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength 27.0-28.9, uniformity 81.0-81.9) in the seven designated markets averaged 71.38 cents per pound for the week ending Thursday, June 15, 2017. This is the lowest weekly average since week ending January 19, 2017 when the average was 70.92. The weekly average was down from 73.54 last week, but up from 61.96 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 72.96 cents Friday, June 9 to a low of 69.11 cents Thursday, June 15.
Spot transactions reported in the Daily Spot Cotton Quotations for the week ended June 15 totaled 268 bales. This compares to 1,344 bales reported last week and 3,302 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 1,562,681 bales compared to 1,461,648 bales the corresponding week a year ago. The ICE July settlement prices ended the week at 71.91 cents, compared to 76.55 cents last week.
Prices are in effect from June 16–22, 2017
Adjusted World Price (AWP) – 67.31
ELS Competitiveness Payment – 0.00
Loan Deficiency Payment (LDP) – 0.00
Fine Count Adjustment 2016 Crop – 0.00
Coarse Count Adjustment (CCA) – 0.00
Fine Count Adjustment 2017 Crop – 0.06
Source: Farm Service Agency, FSA, USDA
USDA ANNOUNCES SPECIAL IMPORT QUOTA #8 FOR UPLAND COTTON June 15, 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 June 22, 2017, allowing importation of 13,890,026 kilograms (63,796 bales) of upland cotton. Quota number 8 will be established as of June 22, 2017, and will apply to upland cotton purchased not later than September 19, 2017, and entered into the U.S. not later than December 18, 2017.
The quota is equivalent to one week’s consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period January 2017 through March 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. (Source: Agfax.com)