Weekly Cotton Market Review

MEMPHIS - Jun 22/07 - SNS -- The USDA released its latest review of cotton market conditions in the United States, reviewing conditions through the week ending 5 22.

Average spot cotton quotations were almost four and one-half cents higher than the 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 51.84 cents per pound for the week ended Thursday, June 21.  This was the highest weekly average since the week ended February 23, 2006 when the average was 52.56 cents.  The weekly average was up from 47.99 cents reported last week and 48.29 cents reported the corresponding period a year ago.  Daily average quotations ranged from a low of 50.23 cents on Friday, June 15 to a high of 53.57 cents on Thursday, June 21   Spot transactions reported in the Daily Spot Cotton Quotations for the week ending June 21 totaled 35,137 bales compared with 33,374 last week and 15,036 a year ago.  Total spot
transactions for the season were 1,629,104 bales compared to 1,832,910 bales the corresponding week a year ago. The New York October futures settlement price ended the week at 60.00 cents, compared to 54.08 cents reported last week.  The New York July futures settlement price ended the week at 56.50 cents, compared to 54.00 cents reported last week.

Prices are in effect from June 22  through June 28, 2007

Adjusted World Price (AWP)    48.97     ELS Competitiveness Payment      0.00
Loan  Deficiency Payment (LDP)    3.03  Coarse Count Adjustment (CCA)    0.00

Source:   Farm Service Agency, FSA, USDA

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STAT News Service