From USDA | April 2, 2021
Spot quotations were 267 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 75.46 cents per pound for the week ending Thursday, April 1, 2021.
The weekly average was down from 78.13 cents last week, but up from 45.13 reported the corresponding period a year ago. Daily average quotations ranged from a high of 76.27 cents Wednesday, March 31 to a low of 73.34 cents Thursday, April 1.
Spot transactions reported in the Daily Spot Cotton Quotations for the week ended April 1 totaled 11,138 bales. This compares to 3,641 reported last week and 1,779 spot transactions reported the corresponding week a year ago. Total spot transactions for the season were 1,315,533 bales compared to 1,376,147 bales the corresponding week a year ago. The ICE May settlement price ended the week at 77.95 cents, compared to 78.44 cents last week.
USDA ANNOUNCES SPECIAL IMPORT QUOTA #24 FOR UPLAND COTTON April 1, 2021
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 April 8, 2021, allowing importation of 8,408,469 kilograms (38,619 bales of 480-lbs) of upland cotton. Quota number 24 will be established as of April 8, 2021 and will apply to upland cotton purchased not later than July 6, 2021 and entered into the U.S. not later than October 4, 2021. The quota is equivalent to one week’s consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period November 2020 through January 2021, 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/2021/04/02/weekly-cotton-market-review-usda-295
(Source: Agfax.com)