The average standard spot price in the seven major domestic markets in the United States is 78.66 cents per pound, an increase of 3.23 cents per pound compared to the previous week and a decrease of 56.20 cents per pound compared to the same period last year. That week, 27608 packages were traded in the seven major spot markets in the United States, and a total of 521745 packages were traded in 2022/23.
The spot price of upland cotton in the United States rose, the foreign inquiry in Texas was light, the demand in India, Taiwan, China and Vietnam was the best, the foreign inquiry in the western desert region and Saint Joaquin region was light, the price of Pima cotton fell, cotton farmers hoped to wait for the demand and price to recover before selling, the foreign inquiry was light, and the lack of demand continued to suppress the price of Pima cotton.
That week, domestic textile mills in the United States inquired about the shipment of grade 4 cotton in the second to fourth quarters. Due to weak yarn demand, some factories are still stopping production, and textile mills continue to be cautious in their procurement. The export demand for American cotton is average, and the Far East region has inquired about various special price varieties.
There are strong thunderstorms, strong winds, hail, and tornadoes in the southeastern region of the United States, with rainfall reaching 25-125 millimeters. The drought situation has greatly improved, but field operations have been hindered. The rainfall in the central and southern Memphis region is less than 50 millimeters, and many cotton fields have accumulated water. Cotton farmers closely track competitive crop prices. Experts say production costs, competitive crop prices, and soil conditions will all affect costs, and the cotton planting area is expected to decrease by about 20%. The southern part of the central southern region has experienced strong thunderstorms, with a maximum rainfall of 100 millimeters. The cotton fields are severely waterlogged, and the cotton area is expected to significantly decrease this year.
The Rio Grande River basin and coastal areas in southern Texas have a large range of rainfall, which is very beneficial to the seeding of new cotton, and the seeding is going on smoothly. The eastern part of Texas began to order cotton seeds, and the field operations increased. The cotton seeding will start in the middle of May. Some areas in western Texas are experiencing rainfall, and cotton fields require long-term and thorough rainfall to completely solve the drought.
The low temperature in the western desert region has led to a delay in sowing, which is expected to start in the second week of April. Some areas have slightly increased in area and shipments have accelerated. The waterlogging in the St. John’s area continues to cause delays in spring sowing, and over time, the issue has become increasingly worrying. The decline in cotton prices and increased costs are also important factors for cotton to switch to other crops. The planting of cotton in the Pima cotton area has been postponed due to the continuous flooding. Due to the approaching insurance date, some cotton fields may be replanted with corn or sorghum.
Post time: Apr-10-2023