From USDA | February 8, 2019
Spot quotations averaged 113 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, and uniformity 81.0-81.9) in the seven designated markets averaged 68.68 cents per pound for the week ending Thursday, February 7, 2019.
The weekly average was down from 69.81 last week and from 74.02 cents reported the corresponding period a year ago. Daily average quotations ranged from a low of 68.19 cents Monday, February 4 to a high of 69.09 cents Wednesday, February 6. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended February 7 totaled 50,215 bales.
This compares to 91,509 reported last week and 39,562 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 512,808 bales compared to 1,340,712 bales the corresponding week a year ago. The ICE March settlement prices ended the week at 72.81 cents, compared to 74.40 cents last week.
USDA ANNOUNCES SPECIAL IMPORT QUOTA #16 FOR UPLAND COTTON February 7, 2019
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 February 14, 2019, allowing importation of 12,619,815 kilograms (57,962 bales) of upland cotton.
Quota number 16 will be established as of February 14, 2019, and will apply to upland cotton purchased not later than May 14, 2019, and entered into the U.S. not later than August 12, 2019. The quota is equivalent to one week’s consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period October 2018 through December 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)