On June 16-22, 2023, the average standard grade spot price in the seven major domestic markets in the United States was 76.71 cents per pound, a decrease of 1.36 cents per pound from the previous week and 45.09 cents per pound from the same period last year. In that week, 6082 packages were sold in the seven major Spot market in the United States, and 731511 packages were sold in 2022/23.
The spot prices of domestic upland cotton in the United States have decreased, with weak foreign inquiries in the Texas region. Textile mills are mainly interested in Australian and Brazilian cotton, while foreign inquiries in the Western Desert and St. John’s region are weak. Cotton merchants have expressed their interest in Australian and Brazilian cotton, with stable prices for Pima cotton and weak foreign inquiries. Cotton farmers are waiting for better prices, and a small amount of 2022 Pima cotton has not yet been sold.
That week, there was no inquiry from domestic textile mills in the United States, and textile mills were busy pricing before contract delivery. Demand for yarn was light, and some factories were still stopping production to digest inventory. Textile mills continued to maintain caution in their procurement. The export demand of American cotton is general. Thailand has an inquiry for Grade 3 cotton shipped in November, Vietnam has an inquiry for Grade 3 cotton shipped from October this year to March next year, and Taiwan, China region of China has an inquiry for Grade 2 Pima cotton shipped in April next year.
There is a large-scale thunderstorm in the southern part of the southeastern United States, with rainfall ranging from 50 to 125 millimeters. Seeding is nearing completion, but field operations have been interrupted due to rainfall. Some areas are experiencing poor growth due to abnormal low temperatures and excessive water accumulation, and there is an urgent need for warm and dry weather. New cotton is budding, and early sowing fields have begun to ring. There are scattered thunderstorms in the northern part of the southeast region, with rainfall ranging from 25 to 50 millimeters. Excessive soil moisture has caused delays in field operations in many areas. The subsequent sunny and warm weather has helped restore the growth of new cotton, which is currently budding.
After the rain in the northern part of the Central South Delta region, there will be cloudy weather. In some areas, cotton plants have already reached 5-8 nodes, and budding is underway. In some areas of Memphis, there is a maximum rainfall of 75 millimeters, while in most other areas, drought is still worsening. Cotton farmers are strengthening field management, and the proportion of new cotton budding is around 30%. The overall seedling condition is good. The southern part of the Delta region is still dry, with buds below 20% in various regions, and the growth of new cotton is slow.
The southern and eastern parts of Texas are in hot waves, with the highest temperature reaching 45 degrees Celsius. There has been no rain in the Rio Rio Grande River basin for nearly two weeks. There are scattered showers and thunderstorms in the northern coastal areas. The high temperature makes the growth of new cotton suffer. Some new cotton is flowering on the top, entering the topping period. In the future, the above areas will still be high temperature and no rain, while other areas in eastern Texas will have light rain, and the crops will grow well. The western part of Texas has hot weather, with some areas experiencing strong thunderstorms. The northeast of Labbok has been hit by a tornado, and the growth progress of new cotton is uneven, especially in areas sown after rainfall. Some dryland fields still require rainfall, and sunny, hot, and dry weather will be maintained in the near future.
The western desert area is sunny and hot, with new cotton fully blooming and growing smoothly. However, the progress is different, with high temperatures, low humidity, and strong winds causing fire risks. The St. John’s area is experiencing abnormally low temperatures, with snowmelt and accumulated water continuing to fill rivers and reservoirs. The growth of new cotton in areas with low temperatures and replanting is slower for two weeks. The temperature in the Pima cotton area varies, and the growth of new cotton varies from fast to slow.
Post time: Jun-29-2023