On September 23-29, 2022, the average price of standard spot in seven major markets in the United States was 85.59 cents/pound, 3.66 cents/pound lower than the previous week, and 19.41 cents/pound lower than the same period last year. During the week, 2964 packages were sold in seven domestic spot markets, and 29,230 packages were sold in 2021/22.
The spot price of upland cotton in the United States fell, while the foreign inquiry in Texas was light. Due to the excessive volatility of ICE futures, the decline of terminal consumer demand, and the high inventory of factories, textile mills generally withdrew from the market and waited. The foreign inquiry in the western desert area and St. John’s area was light, the price of Pima cotton was stable, and the foreign inquiry was light. That week, the domestic textile mills in the United States inquired about the 2022 grade 4 cotton new flowers shipped from the first quarter to the third quarter of 2023. The demand for yarn declined, and the textile mills were cautious in purchasing. The export demand of American cotton is general, and the Far East has inquiries for all kinds of special varieties.
That week, the hurricanes in the southeast of the United States brought strong winds and rain to the region. The harvesting and processing of new cotton was in progress. There was 75-125 mm rainfall and floods in South and North Carolina. Cotton plants fell over and cotton lint fell off. The defoliated areas were severely affected, while the areas without defoliation were better. The worst hit areas are expected to lose 100-300 pounds/acre per unit area.
In the north of the delta region, the weather is suitable and there is no rainfall. The new cotton grows smoothly. The boll opening and ripening are normal. The defoliation reaches a climax. The early sowing field has been harvested, and the grading inspection has begun. In the south of the delta, the weather is warm and there is no rainfall. The harvest has reached a climax and processing is in progress.
Central Texas continued to harvest and steadily promoted processing. The irrigated fields began to defoliate next week. Cotton peaches were small and the number was small. Harvesting and processing began. The first batch of new cotton has been submitted for inspection. It is cloudy and rainy in western Texas. Harvesting in some areas has been suspended. Harvesting in the northern part of the plateau has started and processing has begun. Processing in Lubbok will be postponed to November because of the decrease in electricity charges in winter.
The processing in the western desert region has been steadily promoted, with excellent quality performance. The new cotton has been fully opened, and the harvest is beginning to come to an end. The temperature in St. Joaquin is high and there is no rainfall. The defoliation work continues, and the harvest and processing are in progress. However, most ginning plants will not start until the electricity charge is lowered in winter. The new cotton in Pima cotton area began to open cotton, the defoliation work was accelerated, and the harvest was in full swing.
Post time: Oct-31-2022