Cotton PRICES SAG DURING WEEK; SPOT SALES SHOW INCREASE Reports of More Favorable Weather in the Main Cotton States Was Factor in Market.
Reading edition
The week ending July 29 witnessed sagging prices in cotton, due primarily to reports of more favorable weather for the growing crop. Both the railroad and coal strikes had their effect, and the unsettled condition in foreign exchange was also a factor.
The average price of Middling as determined from the quotations of the 10 designated spot markets closed at 21.69¢ per lb. on July 29, compared with 22.10¢ at the close of the previous week and 10.81¢ for the corresponding day last year. The decline in October future contracts on the New York Cotton Exchange amounted to 38 points, and on the New Orleans Cotton Exchange to 39 points. October future contracts on the Liverpool Cotton Association closed at 12.24d. per lb. on July 28, compared with 12.59d. at the close of the previous week and 8.39d. for the corresponding day last year.
The volume of spot sales as reported by the cotton exchanges in the 10 designated markets was somewhat larger than the previous week, amounting to 29,057 bales, compared with 26,939 bales the previous week and 29,715 bales for the corresponding period in 1921. The total sales reported by the exchanges in the 10 designated spot markets from Aug. 1 to July 29 amounted to 3,361,605 bales, compared with 3,303,552 bales for the corresponding period last season.
Dullness was reported to have developed in the dry goods trade, but with little change in the price levels as compared with those of the previous week.
Closing Future Prices for July 29 and for the Corresponding Days in 1921 and 1920.
Month. New York. New Orleans.
1922 1921 1920 1922 1921 1920
Cents. Cents. Cents. Cents. Cents. Cents.
October 21.42 12.14 31.27 20.96 11.66 30.31
December 21.35 12.65 30.00 20.85 12.00 29.35
January 21.21 12.60 29.18 20.81 12.08 28.90
March 21.18 12.95 28.90 20.71 12.40 28.50
May 21.05 13.08 28.50 20.60 12.47 27.90
Spot Quotations for Middling Upland Cotton at New York on July 29, for Each of the Past 32 Years.
Cents.
1891 8.00
1892 7.50
1893 8.12
1894 7.00
1895 7.00
1896 7.31
1897 7.94
1898 6.06
1899 6.12
1900 10.06
1901 8.12
1902 9.06
1903 13.25
1904 10.70
1905 11.05
1906 10.90
1907 12.90
1908 10.70
1909 12.75
1910 16.05
1911 13.50
1912 13.25
1913 11.95
1914 12.75
1915 9.35
1916 13.30
1917 25.20
1918 28.55
1919 35.15
1920 40.00
1921 11.95
1922 21.75
Cotton Movement from August 1 to July 28.
[Information from commercial sources.]
1921‒22 1920‒21
Bales. Bales.
Port receipts 6,084,471 6,713,411
Port stocks 499,345 1,347,936
Interior receipts 7,224,067 7,546,577
Interior stocks 388,830 1,129,231
Into sight 11,565,262
Northern spinners’ takings 2,088,516
Southern spinners’ takings 4,126,522 2,874,678
World’s visible supply of American cotton 2,021,888 4,108,428
SPOT COTTON QUOTATIONS.
Price of Middling spot cotton for July 29 and the commercial differences in price between Middling and other grades of American Upland cotton at each of the 10 markets named, together with the total number of bales sold during the week ending July 29, as reported to the U. S. Department of Agriculture by the cotton exchanges in these markets.
Norfolk. Augusta. Savannah. Montgomery. Memphis. Little Rock. Dallas. Houston. Galveston. New Orleans. Average.
White Standards: On.[33] On. On. On. On. On. On. On. On. On. On.
Middling Fair 200 125 125 163 225 200 200 150 250 175 181
Strict Good Middling 150 100 100 125 150 150 150 125 175 150 138
Good Middling 100 75 75 88 100 100 100 100 100 100 94
Strict Middling 50 38 50 50 50 75 75 50 50 50 54
Middling 21.63 21.63 21.50 21.38 22.50 21.50 21.45 21.90 21.95 21.50 21.69
Off.[33] Off. Off. Off. Off. Off. Off. Off. Off. Off. Off.
Strict Low Middling 50 37 50 50 50 50 75 75 75 50 56
Low Middling 100 100 100 125 125 125 150 150 150 125 125
Strict Good Ordinary[34] 175 175 150 200 225 225 250 250 250 225 213
Good Ordinary[34] 250 275 200 275 325 325 350 350 350 325 303
Yellow Tinged:
Strict Middling 50 37 50 75 50 50 75 50 50 50 54
Middling[34] 100 100 150 175 150 150 175 175 175 200 155
Strict Low Middling[34] 175 175 225 250 225 225 250 250 250 250 228
Low Middling[34] 275 275 300 325 325 300 325 325 325 325 310
Yellow Stained:
Good Middling 100 100 100 125 125 125 150 150 150 125 125
Strict Middling[34] 200 175 200 200 225 200 250 250 225 250 218
Middling[34] 275 300 300 275 275 275 350 350 325 300 303
Blue Stained:
Good Middling[34] 150 100 150 150 100 125 175 150 150 125 138
Strict Middling[34] 225 200 225 225 150 225 250 225 225 175 213
Middling[34] 300 300 300 300 200 325 325 300 300 300 295
Sales for week, bales 531 233 169 472 1,200 56 7,113 7,283 6,739 5,261 [36]29,057
Exports of American Cotton from August 1 to July 28.
[Information from commercial sources.]
To— 1921‒22 1920‒21
Bales. Bales.
Great Britain 1,755,531 1,753,072
France 763,220 575,436
Germany 1,421,822 1,326,405
Italy 488,710 508,678
Japan 810,199 629,599
China 90,666 74,741
Spain 311,763 253,899
Belgium 172,485 195,473
Other countries 219,597 266,148
Total 6,033,993 5,583,451
Exports for the week ending July 28 amounted to 48,449 bales, compared with 96,434 bales the previous week and 157,465 bales for the corresponding week in 1921.
Stocks of Government Classed Cotton at Future
Markets.
Inspected cotton, Government classed, in warehouses at the ports of New York and New Orleans on July 28, 1922, and on the corresponding day in 1921, of the grades tenderable on future contracts made on the exchanges in these markets subject to section 5 of the United States cotton futures act, as amended:
Grade. New York. New Orleans.
1922 1921 1922 1921
Bales. Bales. Bales. Bales.
Middling Fair 10 3
Strict Good Middling 812 239 89 290
Good Middling 9,155 4,531 295 3,532
Strict Middling 31,539 20,766 1,373 21,618
Middling 46,874 51,498 4,418 34,835
Strict Low Middling 25,588 43,045 3,052 19,408
Low Middling 4,475 10,590 368 7,264
Good Middling Yellow Tinged 3,941 4,518 665 3,130
Strict Middling Yellow Tinged 2,134 3,630 596 3,087
Good Middling Yellow Stained 21 35 3 4
Total 124,549 138,852 10,859 93,171
Total stocks of cotton, all kinds, on July 28 at the port of New York were 150,889 bales, and for the corresponding day in 1921, 156,141 bales; at the port of New Orleans 98,090 bales, and for the corresponding day in 1921, 421,349 bales.
Premium Staple Cotton.
A poor demand for premium staple cotton was reported at New Orleans and a limited demand with light offerings at Memphis. Some of the sales reported in these two markets during the week were as follows:
New Orleans: Cents.
Middling to Strict Middling, 1 to 11 16 ins. 23⅜
Low Middling, 11 16 ins. 20½
Middling to Strict Middling, 11 16 to 1⅛ ins. 24¾
Memphis:
Strict Middling, full, 13 16 to 1¼ ins. 32
The average premiums quoted in the New Orleans and Memphis markets for the staple lengths specified are stated below for Middling cotton based on Middling short-staple cotton at 21½¢ per lb. at New Orleans and 22½¢ at Memphis on July 29, 1922, and 11¢ per lb. at New Orleans and 10¾¢ at Memphis on July 30, 1921.
Length. New Orleans. Memphis.
1922 1921 1922 1921
Points. Points. Points. Points.
11 16 ins. 150 75 100 125
1⅛ ins. 375 500 400 625
13 16 ins. 550 800 700 925
1¼ ins. 800 1,100 1,000 1,125
Quotations reported on July 28 for Pima American-Egyptian cotton f. o. b. New England mill points were as follows: No. 1 grade, 38½¢ per lb.; No. 2, 36½¢; No. 3, 34½¢. A year ago Pima cotton on the same terms was quoted at 33¢ per lb. for No. 2 and No. 3 grades.
British Wool Imports for First Half of 1922
Total 677,634,000 Pounds.
The total imports of sheep and lambs’ wool by the United Kingdom during the first six months of 1922 amounted to 677,634,000 lbs., compared with 369,325,100 lbs. during the same period of 1921.
Most of the wool came from Australia, New Zealand, British South Africa, and Argentina. The imports from Australia and New Zealand combined amounted to 445,466,900 lbs., compared with only 251,225,300 lbs. during the first six months of 1921, while the imports from British South Africa increased from 56,904,600 lbs. in the first half of 1921 to 110,333,300 lbs. in the first half of 1922. The imports from Argentina increased from 16,548,300 lbs. in the first half of 1921 to 23,545,000 lbs. in the corresponding half of 1922.
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