Weekly Cotton Market Review

MEMPHIS - Mar 9/07 - SNS -- The USDA released its latest review of cotton market conditions in the United States, reviewing conditions through the week ending 2 9.

March 9, 2007

Average spot cotton quotations were 38 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 49.31 cents per pound for the week ending Thursday, March 8.  The weekly average was up from 48.93 cents reported last week but down from 50.23 cents reported the corresponding period a year ago.  Daily average quotations ranged from a low of 48.64 cents on Monday, March 5 to a high of 49.81 cents on Wednesday, March 7.  Spot transactions reported in the Daily Spot Cotton Quotations for the week ending March 8 totaled 21,425 bales compared with   60,905 last week and 17,151 a year ago.  Total spot transactions for the season were 915,167 bales compared to 1,495,759 bales the corresponding week a year ago. The New York May futures settlement price ended the week at 54.49 cents, compared to 53.70 cents reported last week.

            Prices are in effect from March 9 through March 15, 2007

Adjusted World Price (AWP)    43.67     ELS Competitiveness Payment    0.00
Loan Deficiency Payment (LDP)  8.33     Coarse Count Adjustment (CCA)  0.00

Source:  Farm Service Agency, FSA, USDA

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STAT News Service