Spot quotations averaged 448 points lower than the previous week, according to the USDA, Agricultural Marketing Service’s Cotton and Tobacco Program. Quotations for the base quality of cotton (color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength 27.0 – 28.9, and uniformity 81.0 – 81.9) in the seven designated markets averaged 72.25 cents per pound for the week ending Thursday, November 9, 2023. The weekly average was down from 76.73 cents last week and 86.65 cents reported the corresponding period a year ago. Daily average quotations ranged from a high of 74.73 cents Friday, November 3 to a season low of 70.07 cents Wednesday, November 8. Spot transactions reported in the Daily Spot Cotton Quotations for the week ended November 9 totaled 6,165 bales. This compares to 10,167 bales reported last week and 6,574 bales reported the corresponding week a year ago. Total spot transactions for the season were 129,988 bales compared to 44,771 bales the corresponding week a year ago. The ICE December settlement price ended the week at 76.52 cents, compared to 79.80 cents last week.
(Joelle Orem, AgFax)