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Daily Cotton

                                                          0
MP_CN002    Memphis, TN Cotton and Tobacco Progr  23-May-17
Spot quotations and differences are for cotton equal to the official standards, net weight, in mixed lots.    Upland quotations are
FOB car/truck, which includes compression and any brokerage charges. The upland base quality is color 41, leaf grade 4,
 staple 34 (1.05 to 1.07), mike 3.5, 3.6 and 4.3 to 4.9, strength 27.0 to 28.9 grams per tex and uniformity 81.0 to 81.9.
American Pima quotations are UD free, FOB warehouse, and brokerage fees included.

                   UPLAND SPOT PRICE QUOTATIONS    SPOT TRANSACTIONS

                              Color 41 Color 31 Number of bales provided
Growth        Basis             Leaf 4   Leaf 3 to Cotton Program
Area          N.Y. Futures    Staple 34Staple 35     Today        Season
              Points  Month   cents/lb.cents/lb.     bales         bales

Southeast      -75    Jul-17      76.47    77.72          0        75,757
North Delta   -150    Jul-17      75.72    76.97          0        24,530
South Delta   -150    Jul-17      75.72    76.97          0        10,443
East TX-OK    -272    Jul-17      74.50    76.00          0       502,665
West Texas    -272    Jul-17      74.50    76.00          0       928,017
Desert SW     -550    Jul-17      71.72    75.72          0        19,464
SJ Valley     -450    Jul-17      72.72    81.62          0             0
                                                Upland total
Average       -274    Jul-17      74.48    77.29          0     1,560,876
Previous      -272    Jul-17      75.67    78.48


            AMERICAN PIMA SPOT PRICE QUOTATIONS

                      Grade 2  Grade 3  Grade 3    SPOT TRANSACTIONS
                     Staple 46Staple 44Staple 46
                                                       AP total
American Pima           146.00   124.25   131.25          0         4,075




NEW YORK FUTURES - CONTRACT NO. 2   2/          7-MARKET AVERAGE
COLOR 41 LEAF 4, STAPLE 34, MIKE 35-49,         BASE QUOTATIONS
STRENGTH 25 OR GREATER.                         FOR UPLAND COTTON

Month       Cents per pound                            Season high
               Today Previous   Change            5/15/2017         81.76
Jul-17          77.22    78.39    -1.17                Season low
Oct-17          73.73    74.65    -0.92           8/31/2016         63.91
Dec-17          72.37    73.01    -0.64
Mar-18          72.13    72.66    -0.53         EFFECTIVE  May 19 - May 25
May-18          72.46    73.03    -0.57                AWP          72.44
Jul-18          72.63    73.21    -0.58            CC ADJ.           0.00
Oct-18          70.70    71.21    -0.51         FCA 2016 Cr          0.09
Dec-18          70.67    71.17    -0.50         FCA 2017 Cr          0.24
Mar-19          70.66    71.16    -0.50                LDP           0.00
May-19          70.70    71.20    -0.50
                                                EFFECTIVE  May 19 - May 25
                                                       PCP           0.00



AVERAGE PREMIUMS AND DISCOUNTS - TENDERABLE QUALITIES 3/

               COLOR    COLOR    COLOR    COLOR      COLOR
                   11       21       31       41         51
 STAPLE 33
 LEAF 1 & 2       -55      -55      -90     -235       -430
     3            -75      -75     -100     -245       -435
     4           -185     -185     -220     -340       -465
     5           -290     -290     -310     -420       -625
 STAPLE 34
 LEAF 1 & 2        95       95       60       30       -230
     3             75       75       55       25       -250
     4             35       35       15        0       -305
     5            -95      -95     -140     -245       -450
 STAPLE 35
 LEAF 1 & 2       280      280      235      100       -130
     3            220      220      190       57       -145
     4            125      125       70       25       -215
     5             40       40      -15     -145       -355
 Staple 36
 Leaf 1 & 2       399      399      374      209        -91
     3            339      339      314      169       -101
     4            269      269      199      124       -163
     5            142      142       64      -61       -310

               COLOR    COLOR    COLOR
                   12       22       32
 STAPLE 33
 LEAF 1 & 2      -185     -185     -285
     3           -200     -200     -300
     4                       0
     5                       0
 STAPLE 34
 LEAF 1 & 2        50       50      -80
     3             45       45      -95
     4                       0
     5                       0
 STAPLE 35
 LEAF 1 & 2       175      175       50
     3            135      135       13
     4                       0
     5                       0
 Staple 36
 Leaf 1 & 2       304      304      119
     3            259      259       94
     4                       0
     5                       0

1/  Settlement prices provided by New York Cotton Exchange.  2/ The average of the
differences from the Southeast, North and South Delta average, East Texas-Oklahoma,
West Texas, and Desert Southwest markets.


Cotton and Tobacco Program, Market News Division
3275 Appling Rd
Memphis, TN  38133
(901) 384-3016
www.ams.usda.gov/mnreports/mp_cn002.txt