From USDA | April 13, 2018
Average quotations were 162 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 79.55 cents per pound for the week ending Thursday, April 12, 2018.
The weekly average was up from 77.93 last week and from 72.39 cents reported the corresponding period a year ago. Daily average quotations ranged from a low of 78.92 cents Friday, April 6 to a high of 80.06 cents Wednesday, April 11. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended April 12 totaled 39,459 bales. This compares to 34,740 bales reported last week and 9,639 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 1,771,816 bales compared to 1,535,773 bales the corresponding week a year ago. The ICE May settlement prices ended the week at 83.69 cents, compared to 82.57 cents last week.
USDA ANNOUNCES SPECIAL IMPORT QUOTA #25 FOR UPLAND COTTON April 12, 2018
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 April 19, 2018, allowing importation of 13,170,669 kilograms (60,492 bales) of upland cotton.
Quota number 25 will be established as of April 12, 2018, and will apply to upland cotton purchased not later than July 17, 2018, and entered into the U.S. not later than October 15, 2018. The quota is equivalent to one week’s consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period December 2017 through February 2018, 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)