Spot cotton quotations averaged 66 points higher than the previous week, according to the USDA, Agricultural Marketing Service’s Cotton Program. Quotations for the base quality of cotton in the seven designated markets averaged 79.87 cents per pound for the week ended Thursday, June 5, 2014.
The weekly average was up from 79.21 cents last week, and up from 78.70 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 80.76 cents on Tuesday, June 3 to a low of 79.07 cents on Thursday, June 5. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended June 5, totaled 2,402 bales. This compares to 2,723 bales last week and 8,897 bales reported a year ago. Total spot transactions for the season were 1,297,018 compared to 1,647,463 bales the corresponding week a year ago. The ICE July settlement prices ended the week at 85.50 cents, compared to 86.15 cents last week.
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 stands made steady progress under warm, sunny conditions. Producers had begun to irrigate. Squaring was underway. Some cotton fields were replanted to beans or American Pima varieties because of the presence of Race 4 Fusarium wilt. The disease causes vascular wilt in cotton but is less harmful to beans and some resistant American Pima varieties, thus offering alternate cropping options, according to local experts.
According to local expert reports, three-fourths of the cotton fields planted in the San Joaquin Valley were planted to American Pima. Factors that encouraged an increase in planted acres were a desirable market price, varieties resistant to Race 4 fursarium, and the ability to withstand water stress.
American Pima (AP) Spot cotton trading was inactive. Supplies and demand were light. Average local prices were lower. No forward contracting or domestic mill activity was reported. Foreign mill inquiries were light.
For the full Cotton Market Review report, please CLICK HERE. (.pdf)