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Spot cotton quotations nearly four cents higher in Jan
19
Feb '08
Spot cotton quotations averaged nearly four cents higher in January than the previous month, according to the USDA, Agricultural Marketing Service's Cotton Program.

The average spot quotation in the seven designated markets for color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength of 26.5-28.4 grams per tex, and uniformity of 81 units was 63.34 cents per pound.

The average basis for the base quality at the end of January was 565 points off the New York March 2008 No. 2 futures contract. Spot transactions reported in the designated markets for January totaled 352,852 running bales.

Spot cotton quotations for color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength readings of 26.5-28.4 grams per tex, and uniformity of 81 units in the designated spot markets averaged 63.34 cents per pound in January.

Quotations averaged 59.44 cents in December and 49.90 cents in January 2007. Daily average quotations ranged from a high of 65.96 cents on January 15 to a low of 61.41 cents on January 23.

Prices received by farmers for Upland cotton averaged 61.40 cents per pound in mid-January, according to the National Agricultural Statistics Service, USDA. This compares with 59.20 cents for the entire month of November and 49.40 cents in January last year. These prices include cotton delivered against forward contracts.

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United States Department of Agriculture Agricultural Marketing Service

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