Weekly Cotton Market Review

MEMPHIS - Mar 2/07 - SNS -- The USDA released its latest review of cotton market conditions in the United States, reviewing conditions through the week ending 2 2.

Average spot cotton quotations were 58 points higher than previous week, according to the USDA, Agricultural Marketing Service’s Cotton Program.  Quotations for the base quality of cotton (color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength 26.5-28.4, uniformity 81) in the seven designated
markets averaged 48.93 cents per pound for the week ending Thursday, March 1.  The weekly average was up from 48.35 cents reported last week but down from 51.56 cents reported the corresponding period a year ago.  Daily average quotations ranged from a low of 48.51 cents on Tuesday, February 27 to a high
of 49.21 cents on Wednesday, February 28.  Spot transactions reported in the Daily Spot Cotton Quotations for the week ending March 1 totaled 60,905 bales, compared with 15,061 last week and 12,864 a year ago.  Total spot transactions for the season were 893,742 bales compared to 1,471,989 bales the corresponding week a year ago. The New York May futures settlement price ended the week at 53.70 cents, compared to 53.17 cents reported last week.

Adjusted World Price (AWP)       43.50    ELS Competitiveness Payment   0.00
Loan Deficiency Payment (LDP)     8.50    Coarse Count Adjustment (CCA) 0.00
 Prices are in effect from Mar 2-Mar 8, 2007
 Source:  Farm Service Agency, FAS, USDA

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STAT News Service