From USDA | May 7, 2022
Spot quotations averaged nearly 11 cents 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, and uniformity 81.0-81.9) in the seven designated markets averaged 145.01 cents per pound for the week ending Thursday, May 5, 2022.
This is the highest weekly average since week ending June 16, 2011 when the average was 150.43 cents. The weekly average was up from 134.06 cents last week and from 84.03 cents reported the corresponding period a year ago.
Daily average quotations ranged from a low of 140.63 cents Friday, April 29 to a season high of 149.76 cents Wednesday, May 4. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended May 5 totaled 9,603 bales.
This compares to 4,153 reported last week and 2,327 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 1,611,581 bales compared to 1,351,427 bales the corresponding week a year ago.
The ICE July settlement price ended the week at 148.76 cents, compared to 147.68 cents last week.
USDA ANNOUNCES SPECIAL IMPORT QUOTA #3 FOR UPLAND COTTON May 5, 2022
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 May 12, 2022, allowing importation of 9,898,391 kilograms (45,462 bales of 480-lbs) of upland cotton.
Quota number 3 will be established as of May 12, 2022 and will apply to upland cotton purchased not later than August 9, 2022 and entered into the U.S. not later than November 7, 2022. The quota is equivalent to one week’s consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period January 2022 through March 2022, 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.
Full Report: https://agfax.com/2022/05/07/weekly-cotton-market-review-usda-336/
(Source: Agfax.com)