Spot quotations were 376 points 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 109.36 cents per pound for the week ending Thursday, August 11, 2022.
The weekly average was up from 105.60 cents last week and from 88.35 cents reported the corresponding period a year ago. Daily average quotations ranged from a low of 105.94 cents Monday, August 8 to a season high of 114.80 cents Thursday, August 11.
Spot transactions reported in the Daily Spot Cotton Quotations for the week ended August 11 totaled 1,763 bales. This compares to 311 bales reported last week and 1,389 spot transactions reported the corresponding week a year ago.
Total spot transactions for the season were 2,074 bales compared to 3,690 bales the corresponding week a year ago. The ICE October settlement price ended the week at 110.44 cents, compared to 100.12 cents last week.
USDA ANNOUNCES SPECIAL IMPORT QUOTA #17 FOR UPLAND COTTON August 11, 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 August 18, 2022, allowing importation of 12,641,719 kilograms (58,062 bales of 480-lbs) of upland cotton.
Quota number 17 will be established as of August 18, 2022 and will apply to upland cotton purchased not later than November 15, 2022 and entered into the U.S. not later than February 13, 2023. The quota is equivalent to one week’s consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period April 2022 through June 2022, the most recent three months for which data are available.
Future quotas, in addition to the quantity announced today, will be established if price conditions warrant.
Southeastern Markets Regional Summary
Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was moderate. Average local spot prices were higher. Trading of CCC-loan equities was inactive. The COVID-19 Pandemic continues to disrupt labor availability and logistics, but cities and smaller locales were easing COVID restrictions.
Cloudy to overcast conditions prevailed across the lower Southeast during the week. Daytime high temperatures were mostly in the 80s to low 90s. Widespread scattered thunderstorms brought light to moderate precipitation to areas throughout Alabama, the Florida Panhandle, and Georgia during the period. Weekly accumulated rainfall totals measured from trace amounts to around one and one-half inches of moisture with the heavier totals recorded in north Alabama and north Georgia.
The crop progressed at a satisfactory pace. Boll-setting advanced and mature bolls were cracking open on the bottom of plants in the earliest-planted fields. Disease pressure had increased due to wet and humid conditions in recent weeks. Producers would welcome a period of clear and dry conditions to apply fungicides and growth regulators. Producers also scouted fields and applied insecticides as needed.
According to the National Agricultural Statistics Service’s (NASS) Crop Progress report released August 8, cotton squaring neared completion and boll-setting advanced to 89 percent in Alabama and 76 percent in Georgia.
Partly cloudy to overcast conditions dominated the weather pattern across the upper Southeast during the week. Daytime high temperatures were mostly in the low-to-mid 90s. Scattered showers and thunderstorms brought rainfall to portions of central South Carolina and eastern North Carolina and Virginia during the period. Weekly accumulated precipitation totals measured from trace amounts to around one and one-quarter inch of moisture.
Squaring neared completion and boll-setting advanced at a good pace. Mature bolls were cracking open on the bottom of plants in the earliest-planted fields. Disease pressure had increased due to hot and humid conditions in recent weeks. Producers applied fungicides as dry conditions allowed. According to NASS, boll-setting advanced to 86 percent in Virginia, 81 in South Carolina, and 65 percent in North Carolina.
Textile Mill
Domestic mill buyers inquired for a moderate volume of 2022-crop cotton, color 41, leaf 4, and staple 34 and longer for first quarter through fourth quarter 2023 delivery. No sales were reported. Yarn demand remained good, but mills operated at capacity as allowed by available labor. Mills continued to produce personal protective equipment for frontline workers and consumers.
Demand through export channels was good. Agents throughout the Far East inquired for any discounted styles of cotton.
Trading
- No trading activity was reported.
South Central Markets Regional Summary
North Delta
Spot cotton trading was inactive. Supplies of available cotton were light. Demand was very light. Average local spot prices were higher. Trading of CCC-loan equities was inactive. No forward contracting was reported. Variants of the COVID-19 virus continue to appear, causing disruptions that vary from state to state, as well as negatively impacting international marketing channels, domestic supply chains, and the labor force overall.
A series of rain showers moving through the region provided welcome moisture. Up to 2 inches of rain were reported in some places. Daytime temperatures were in the mid-90s. Overnight lows were in the 70s. The crop made good progress and conditions improved overall thanks to the precipitation. According to the U.S. Drought Monitor, moderate drought persisted in the Bootheel of Missouri and all of the cotton-producing region of western Tennessee; yields will likely be reduced as a result.
Producers are also concerned that the excessively high temperatures during the fruiting stage may have adversely affected seed production. Boll counts in many fields are very high, and cotton extension specialists indicated that some shedding will be inevitable. Plant-growth regulators were being applied. Insect pressure was moderate, and fields were treated to control plant bugs as necessary.
According to the National Agricultural Statistics Service’s (NASS) Crop Progress report, released on August 8, boll-setting advanced to 94 percent complete in Arkansas, 67 in Missouri, and surged to 82 percent in Tennessee. NASS reported that the crop condition in Arkansas was 67 percent good to excellent, 79 percent fair to good in Missouri, and 73 percent fair to good in Tennessee. Virtual and in-person industry meetings were being planned and attended.
South Delta
Spot cotton trading was inactive. Supplies of available cotton were light. Demand was very light. Average local spot prices were higher. Trading of CCC-loan equities was inactive. No forward contracting was reported. Variants of the COVID-19 virus continue to appear, causing disruptions that vary from state to state, as well as negatively impacting international marketing channels, domestic supply chains, and the labor force overall.
Rain showers brought up to 2 inches of rain to the region. Daytime temperatures moderated to the mid-80s to mid-90s. Overnight lows were in the 70s. Local experts in Mississippi and Louisiana reported that fruit-set and retention were good in most areas, and that the crop made normal progress under fair weather conditions. Boll-setting was near completion and fields were treated with plant-growth regulators to aid in fruit retention. Insect pressure from spider mites diminished in areas that got rain, but plant bugs remained a problem. Infestations were treated as necessary.
According to the National Agricultural Statistics Service’s (NASS) Crop Progress report, released on August 8, boll-setting advanced to 93 percent complete in Louisiana and 85 percent in Mississippi. NASS reported that the crop condition in Louisiana was 90 percent good to excellent, and 76 percent fair to good in Mississippi. Virtual and in-person industry meetings were being planned and attended.
Trading
North Delta
- No trading activity was reported.
South Delta
- No trading activity was reported.
Southwestern Markets Regional Summary
East Texas
Spot cotton trading was slow. Supplies and producer offerings were moderate. Demand was light. Average local spot prices were higher. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign mill inquiries were light. Labor, transportation, and logistics continued to be negatively impacted by the COVID-19 Pandemic.
Harvesting and ginning expanded in the Rio Grande Valley and in the Coastal Bend. Daytime highs were in the low 80s to upper 90s. Harvest season is wrapping up quickly. Gins were tasked with pressing bales from the modules that had accumulated at the gin yards. Harvesting rapidly progressed in the Upper Coast. Producers worked to get as much lint off the stalk ahead of forecasted rainfall. Modules were transported to ginning locations and accumulated on gins yards. Defoliation was initiated in the Blackland Prairies early in the period and quickly advanced.
In Kansas, stray showers brought a light amount of precipitation. Daytime temperatures were in the low 90s to mid-100s. Setting bolls was at 78 percent, ahead of the five-year average of 40 percent, according to the National Agricultural Statistics Service’s (NASS) Crop Progress report released on August 8. Plants were setting squares and blooming. Bolls opening was at 2 percent. Irrigation continued.
In Oklahoma, setting bolls was at 48 percent, equal to the five-year average, according to NASS. A mix of clouds and sun dominated the weather pattern. Daytime highs were in the mid-90s to upper 100s. Light rainfall was received early in the period that helped ease heat stress. Yields were projected to be below average. Insects were light.
West Texas
Spot cotton trading was inactive. Supplies and producer offerings were light. Demand was light. Average local spot prices were higher. Producer interest in forward contracting was light. Trading of CCC-loan equities was inactive. Foreign mill inquiries were light. Logistics continued to be negatively impacted by the COVID-19 Pandemic.
Widespread thundershowers brought up to two and one-half inches of beneficial rainfall. Daytime high temperatures were in the upper 80s to mid-100s. Moderate to heavy rainfall was hit or miss throughout the territory over a period of three days. Some fields in the Panhandle had standing water between the rows. The additional rain helped stands that were blooming and at peak water use.
The precipitation came too late for many fields that had reached cut-out. Groundwater supplies remain short and more moisture is needed to improve water table levels. Yields were expected to be below average. Gin personnel conducted maintenance and repairs on ginning equipment ahead of harvest.
Trading
East Texas
- In Texas, a light volume of new crop containing mostly color 21, leaf 2, staple 34, mike averaging 42.7, strength averaging 30.8, and uniformity averaging 81.3 sold for around 104.00 cents per pound, FOB warehouse (compression charges not paid).
- A light volume of new crop containing mostly color 11 and 21, leaf 3 and better, staple 33, mike averaging 43.8, strength averaging 30.6, and uniformity averaging 81.3 sold for around 101.00 cents, same terms as above.
- A light volume of new crop containing mostly color 11 and 21, leaf 3 and 4, staple 33, mike averaging 39.8, strength averaging 27.8, and uniformity averaging 80.3 sold for around 91.00 cents, same terms as above.
Western Markets Regional Summary
Desert Southwest (DSW)
Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were higher. No forward contracting or domestic mill activity was reported. No sales were reported. Foreign mill inquiries were light. The U.S. continues in COVID-19 Pandemic status.
Picker harvesting began in Yuma, AZ and was expected to progress quickly due to the lettuce rotation. Ginning will begin in early September. Irrigation continued. New Mexico stands were blooming and fruiting well. Spotty showers brought additional moisture. Plant-growth regulators were applied to control growth and insects were very light. Weeds were problematic and some treatments were applied. More than 1 inch of rainfall was received in the El Paso, TX area, which helped stands progress and eased heat stress.
San Joaquin Valley (SJV)
Spot cotton trading was inactive. Supplies and demand were light. Average local spot prices were higher. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light. The U.S. remains in COVID-19 Pandemic status.
Cloudy, humid conditions produced early morning rain showers in the Valley early in the reporting period. The California Department of Food and Agriculture’s Pink Bollworm Program report for the period ending July 22, mapped approximate SJV acreage at 121,507 acres. The total cotton acreage for California was mapped at around 130,698 acres. No splits were available for Upland and American Pima acreage amounts.
American Pima (AP)
Spot cotton trading was inactive. Supplies of 2021-crop were light. Demand for 2022-crop was very good. Producers showed some interest in contracting for the purpose of price discovery. Average local prices were steady. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were moderate. The country remains in COVID-19 Pandemic status.
Stands advanced in the San Joaquin Valley with daytime high temperatures in the low to upper 90s. A thunderstorm mid-week brought around one-fourth of an inch of moisture. Irrigation was applied and stands were blooming. Fields were cultivated. In New Mexico, and El Paso, TX, widespread thunderstorms brought one-half to one and one-quarter inches of rainfall that helped the stands advance.
Heat stress was eased with daytime highs in the upper 80s to upper 90s. Stands were blooming and fruiting well. Some plant-growth regulators were applied. Insect pressure was light. Weeds were challenging. Spotty rainfall was received in central Arizona, and the crop advanced. Wells were used to supplement irrigation water. Insect pressure was light.
Trading
Desert Southwest
- No trading activity was reported.
San Joaquin Valley
- No trading activity was reported.
American Pima
- No trading activity was reported.
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