Spot cotton quotations averaged 464 points lower in August 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 27.0 – 28.9 grams per tex, and uniformity of 81.0 – 81.9 units was 6 4.99 cents per pound in August 2014. The average basis for the base quality at the end of August was 74 points off the ICE October 2014 No. 2 futures contract. Spot transactions reported in the designated markets for August totaled 21,486 running bales.
Spot cotton quotations for color 41, leaf 4, staple 34, mike 35 – 36 and 43 – 49, strength readings of 27.0 – 28.9 grams per tex, and uniformity of 81.0 – 81.9 units in the designated spot markets averaged 64.99 cents per pound in August. Quotations averaged 69.63 cents in July and 83.36 cents in August 2013. Daily average quotations ranged from a low of 63.06 cents on August 12 to a high of 67.51 cents on August 26.
Prices received by farmers for Upland cotton averaged 66.90 cents per pound in mid-August, according to the National Agricultural Statistics Service, USDA. This compares with 82.10 cents for the entire month of July and 76.90 cents in August last year. These prices include cotton delivered against forward contracts.
