Source: Agfax.com

From USDA |January 22, 2021

Average spot quotations were up 89 points from 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 77.41 cents per pound for the week ending Thursday, January 21, 2021.

The weekly average was up from 76.52 cents last week and from 65.95 reported the corresponding period a year ago. Daily average quotations ranged from a low of 76.56 cents Friday, January 15 to a season high of 78.64 cents Thursday, January 21.

Spot transactions reported in the Daily Spot Cotton Quotations for the week ended January 21 totaled 44,177 bales. This compares to 79,659 reported last week and 49,718 spot transactions reported the corresponding week a year ago.

Total spot transactions for the season were 1,104,667 bales compared to 1,154,549 bales the corresponding week a year ago. The ICE March settlement price ended the week at 82.57 cents, compared to 81.15 cents last week.

USDA ANNOUNCES SPECIAL IMPORT QUOTA #14 FOR UPLAND COTTON January 21, 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 January 28, 2021, allowing importation of 9,464,255 kilograms (43,469 bales of 480-lbs) of upland cotton.

Quota number 14 will be established as of January 28, 2021 and will apply to upland cotton purchased not later than April 27, 2021 and entered into the U.S. not later than July 26, 2021. The quota is equivalent to one week’s consumption of cotton by domestic mills at the seasonally-adjusted average rate for the period September 2020 through November 2020, 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/2021/01/22/weekly-cotton-market-review-usda-285/

(Source: Agfax.com)