By admin       2018-04-09

Average quotations were 41 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, uniformity 81.0-81.9) in the seven designated markets averaged 77.93 cents per pound for the week ending Thursday, April 5, 2018. The weekly average was down from 78.34 last week, but up from 72.51 cents reported the corresponding period a year ago. Daily average quotations ranged from a low of 76.35 cents Wednesday, April 4 to a high of 78.87 cents Thursday, April 5. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended April 5 totaled 34,740 bales. This compares to 25,617 bales reported last week and 17,150 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 1,732,357 bales compared to 1,526,134 bales the corresponding week a year ago. The ICE May settlement prices ended the week at 82.57 cents, compared to 81.46 cents last week. Forward contracting of 2018-crop cotton. Upland cotton growers in the United States had booked about 4 percent of their expected acreage by the end of March this season. This compares with 2 percent booked through the same period last year. Contracting has been most active in the South Central states, where about 10 percent of the crop was under contract by the end of March and compares with 9 percent a year earlier. Southeastern states’ growers had forward contracted about 5 percent, compared with 3 percent in 2017. Southwestern states’ growers had booked 3 percent by the end of March, compared to less than 1 percent of the crop last year. Growers in the Western states had booked less than 1 percent, compared with 2 percent contracted at the end of March 2017. These estimates were based on the National Agricultural Statistics Board’s March Prospective Plantings report and informal surveys made by the USDA, Agricultural Marketing Service, Cotton and Tobacco Program.

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