By admin       2018-04-05

Spot cotton quotations averaged 433 points lower than the previous month, according to the USDA, Agricultural Marketing Service’s Cotton and Tobacco Program. The average spot quotation in the seven designated markets for color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength of 27.0-28.9 grams per tex, and uniformity of 81.0-81.9 units was 79.57 cents per pound in March 2018. The average basis for the base quality at the end of March was 324 points off the ICE May 2018 No. 2 futures contract. Spot transactions reported in the designated markets for March totaled 152,678 running bales. Spot cotton quotations for color 41, leaf 4, staple 34, mike 35-36, and 43-49, strength readings of 27.0-28.9 grams per tex, and uniformity of 81.0-81.9 units in the designated spot markets averaged 79.57 cents per pound in March. Quotations averaged 75.24 cents in February and 74.33 cents in March 2017. Daily average quotations ranged from a high of 82.16 cents on March 5 to a low of 77.49 cents on March 28. Prices received by farmers for Upland cotton averaged 67.70 cents per pound in February, according to the National Agricultural Statistics Service, USDA. This compares with 68.70 cents for the month of January and 68.80 cents in February 2017. These prices include cotton delivered against forward contracts.

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