The Farmer's Weblog
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Saturday, October 26, 2002 |
Average spot quotations were 187 points 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 40.41 cents per pound for the week ending Thursday, October 24. The weekly average was up from 38.54 cents per pound for the previous week and 26.74 cents during the corresponding week a year ago. Quotations ranged from a low of 39.46 cents on Friday, October 18 to a high of 41.89 cents on Thursday, October 24. The NY December 2002 futures settlement price ended the week at 45.89 cents compared to 44.04 cents a week ago.
8:22:39 AM
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Last week, slaughter cattle prices were $1 higher in the southern plains, with the bulk of the trade occurring on Friday at mostly $66. Trading occurred earlier in the week in the north at sharply higher prices, with slaughter cattle prices at mostly $103 (dressed weight). Boxed beef prices were steady for the week. Feeder cattle prices in the Midwest traded on both sides of steady money compared to the previous week. There continues to be seasonally large calf offerings.
8:21:00 AM
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This could be habit forming, another week with higher cotton prices. One would like to get excited and conclude we have finally seen the end of the doldrums. I wish. December prices do have room to move higher. As harvest progresses, mills are feeling the pinch to increase pricing and merchants are just beginning to scramble for a few of the grades that will likely prove to be in short supply. Too, weather problems have taken a toll on production in all regions except the West. These events speak to higher prices, but demand continues lag year ago levels.
8:15:14 AM
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