On November 3-9, 2023, the average standard spot price in the seven major domestic markets in the United States was 72.25 cents per pound, a decrease of 4.48 cents per pound from the previous week and 14.4 cents per pound from the same period last year. That week, 6165 packages were traded in the seven major spot markets in the United States, and a total of 129988 packages were traded in 2023/24.
The spot price of upland cotton in the United States fell, the foreign inquiry in Texas was general, the demand in Bangladesh, China and Taiwan, China was the best, 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, and cotton traders continued to reflect that there was basically no demand.
That week, domestic textile mills in the United States inquired about the shipment of grade 4 cotton in the first quarter of next year. The factory’s procurement remained cautious, and some factories continued to reduce production to digest product inventory. A North Carolina yarn manufacturing plant announced plans to permanently close the ring spinning production line in December to control production and inventory. The export of American cotton is average, and the Far East region has inquired about various special price varieties.
In the southeastern and southern parts of the United States, there has been initial frost, slowing down crop growth, and some late planting may be affected. The opening of cotton bolls has basically ended, and the good weather has made the new cotton defoliate and harvest progress smoothly. The northern part of the southeast region is sunny, and the opening of catkins is basically completed. Frost in some areas has slowed down the growth of late planting fields, leading to rapid progress in defoliation and harvesting.
There have been light showers and cooling in the northern part of the Central South Delta region, and the drought has been alleviated. The yield and quality of new cotton are good, and the harvest has been completed by 80-90%. There are light showers in the southern part of the delta region, and field operations are steadily advancing, with the new cotton harvest coming to an end.
The southern part of Texas is as warm as spring, with a high probability of heavy rainfall in the near future, which is beneficial for planting in the coming year and has some impact on late harvest. Currently, only a few areas have not yet harvested, and most areas are already preparing land for planting next spring. Harvesting and processing in western Texas are rapidly advancing, with new cotton being fully opened in the highlands. Harvesting in most areas has already begun, while in the hilly areas, the progress of harvesting and processing is very fast before the temperature drops. Nearly half of the new cotton processing in Kansas is progressing normally or well, and more and more processing plants are operating. The rainfall in Oklahoma has cooled down in the later part of the week, and the processing continues. The harvest has exceeded 40%, and the growth of new cotton is very poor.
Harvesting and processing are active in the western desert region, with approximately 13% of new cotton inspections completed. There were showers in the St. John’s area, with 75% of the harvest completed, more processing plants operating, and about 13% of upland cotton inspected. There are showers in the Pima cotton area, and the harvest is slightly affected. The San Joaquin area has a low yield and is heavily infested with pests. The new cotton inspection has been completed by 9%, and the quality is ideal.
Post time: Nov-15-2023