On October 6-12, 2023, the average standard spot price in the seven major domestic markets in the United States was 81.22 cents per pound, a decrease of 1.26 cents per pound from the previous week and 5.84 cents per pound from the same period last year. That week, 4380 packages were traded in the seven major spot markets in the United States, and a total of 101022 packages were traded in 2023/24.
The spot prices of domestic upland cotton in the United States have decreased, while foreign inquiries in the Texas region have been light. Foreign inquiries in the Western Desert and St. John’s area have been light. Due to reduced retail orders, consumers are concerned about inflation and the economy, so textile mills have been delisted and waiting. The price of Pima cotton has remained stable, while foreign inquiries have been light. As inventory tightens, cotton merchants’ quotations have increased, and the psychological price gap between buyers and sellers has widened, resulting in very few transactions.
That week, most domestic factories in the United States had replenished their raw cotton inventory to the fourth quarter of this year, and factories remained cautious in restocking, controlling finished product inventory by reducing operating rates. The demand for US cotton exports is light, and low-priced non US cotton varieties continue to seize the US cotton market. China, Indonesia, South Korea, and Peru have inquired about grade 3 and grade 4 cotton.
Rainfall in some parts of the southeastern and southern United States caused a delay of one or two days in harvest, but then returned to high tide and ginning factories began processing. Some areas in the northern part of the southeast region have scattered rainfall, and the work of defoliation and harvesting is steadily advancing. Processing is gradually underway, and 80% to 90% of the opening of catkins is completed in various regions. The weather in the northern part of the Central South Delta region is suitable, and the defoliation work is progressing smoothly. The quality and yield of new cotton are both ideal, and the opening of cotton has been basically completed. The weather in the southern part of the Delta region is ideal, and the field work is progressing smoothly. The quality of new cotton is excellent, but in some areas, the yield is slightly lower, and the harvest progress is slow and fast.
There is scattered rainfall in the Rio Grande River basin and coastal areas in southern Texas. The high temperature and drought during the growth period have affected the yield and actual planting area of dryland fields. The Holy Communion Inspection Institute has inspected 80% of new cotton, and there is scattered rainfall in western Texas. Initial harvesting and processing have already begun in the high ground area. Last week’s thunderstorm and strong winds caused losses to some areas. Most ginning factories will only operate once this year, and the rest will be closed, The weather in Oklahoma is good, and new cotton is starting to be processed.
The weather in the western desert area is suitable, and harvesting and processing work is progressing smoothly. The weather in the St. John’s area has turned cooler, and the defoliation work is accelerating. Harvesting has begun in some areas, and processing may begin next week. The defoliation work in the Pima cotton area has accelerated, and some areas have started harvesting, but processing has not yet begun.
Post time: Oct-24-2023