Cotton spot quotations experienced a decline this past week, as highlighted in the latest report from the USDA's Agricultural Marketing Service. The average spot quotation for the base quality of cotton fell by 195 points, settling at 85.19 cents per pound, down from 87.14 cents the prior week. Despite the weekly downturn, prices remained above the previous year's average of 78.66 cents.

The report, covering the week ending March 28, 2024, also detailed fluctuations within the week, with prices peaking at 86.77 cents on Tuesday before dipping to a weekly low of 84.13 cents on Wednesday.

Despite the price dip, trading activity was moderate with light producer offerings and continued demand. Total spot transactions for the week were 7,069 bales. The ICE May settlement price ended the week at 91.38 cents.

Wet conditions across parts of the Southeast impacted fieldwork, but the ample moisture helped reduce drought concerns, especially in the lower Southeast.

On the demand side, inquiries for future deliveries were reported among domestic mills, yet no sales were finalized. International interest mirrored this cautious approach, with agents from Taiwan and Mexico seeking moderate volumes for prompt and future deliveries respectively, though again, without concluding sales.

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