From USDA | June 4, 2022
Spot quotations averaged 408 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 133.39 cents per pound for the week ending Thursday, June 2, 2022.
The weekly average was down from 137.47 cents last week, but up from 79.41 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 134.42 cents Friday, May 27 to a low of 131.06 cents Wednesday, June 1.
Spot transactions reported in the Daily Spot Cotton Quotations for the week ended June 2 totaled 1,202 bales. This compares to 1,832 reported last week and 252 spot transactions reported the corresponding week a year ago.
Total spot transactions for the season were 1,617,594 bales compared to 1,362,548 bales the corresponding week a year ago. The ICE July settlement price ended the week at 139.11 cents, compared to 140.61 cents last week.
USDA ANNOUNCES SPECIAL IMPORT QUOTA #7 FOR UPLAND COTTON June 2, 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 June 9, 2022, allowing importation of 9,898,391 kilograms (45,462 bales of 480-lbs) of upland cotton.
Quota number 7 will be established as of June 9, 2022 and will apply to upland cotton purchased not later than September 6, 2022 and entered into the U.S. not later than December 5, 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.
https://agfax.com/2022/06/04/weekly-cotton-market-review-usda-340/ (Source: https://agfax.com)