The Market Reporter, Vol. 4, No. 15

by Various

Price of Middling spot cotton for Oct. 1, 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 Oct. 1, in each of the markets, as reported to the Bureau of Markets and Crop Estimates.

		Nor- folk.	Au- gus- ta.	Sa- van- nah.	Mont- gom- ery.	Mem- phis.	Little Rock.	Dal- las.	Hous- ton.	Gal- ves- ton.	New Or- leans.	Aver- age.
White standards:		On.[1]	On.	On.	On.	On.	On.	On.	On.	On.	On.	On.
	Middling Fair	200	250	175	200	200	225	200	225	300	175	215
	Strict Good Middling	150	200	150	150	150	175	150	175	300	150	165
	Good Middling	100	100	100	100	100	100	100	125	100	100	103
	Strict Middling	50	50	50	50	50	50	50	75	50	50	53
Middling		20.25	20.25	20.75	20.00	21.00	20.75	20.60	21.25	21.75	20.50	20.71
		Off.[1]	Off.	Off.	Off.	Off.	Off.	Off.	Off.	Off.	Off.	Off.
	Strict Low Middling	75	75	75	100	100	75	100	100	100	75	88
	Low Middling	200	200	200	200	250	200	225	200	250	200	213
	Strict Good Ordinary[2]	300	300	300	300	400	300	325	300	400	450	338
	Good Ordinary[2]	400	425	400	400	500	400	425	400	500	550	440
Yellow Tinged:
	Good Middling	50	Even.	50	50	50	50	50	50	50	50	45
	Strict Middling	125	100	150	150	150	125	150	150	150	100	135
	Middling[2]	200	200	250	250	200	225	250	250	250	250	233
	Strict Low Middling[2]	350	300	350	350	350	325	350	400	350	325	345
	Low Middling[2]	450	400	450	450	450	425	450	500	500	400	448
Yellow Stained:
	Good Middling	200	175	200	225	200	200	200	250	250	300	220
	Strict Middling[2]	300	275	300	325	300	250	300	350	350	350	310
	Middling[2]	450	450	400	450	350	400	400	400	450	400	415
Blue Stained:
	Good Middling[2]	250	225	250	275	200	250	300	300	300	325	268
	Strict Middling[2]	350	325	350	375	300	350	350	400	400	375	358
	Middling[2]	450	425	450	500	350	450	450	500	500	425	450
Sales for week, bales		10,205	2,376	3,160	3,227	25,450	11,851	68,007	58,387	8,681	18,594	[3]209,938

[1] The differences are stated in terms of hundredths of a cent per pound. By “On” is meant that the stated number of points is to be added to the price of Middling and by “Off” is meant that the stated number of points is to be subtracted from the price of Middling.

[2] These grades are not tenderable on future contracts made subject to section 5 of the United States cotton futures Act, as amended, on the future exchanges at New York and New Orleans.

[3] Total sales in the designated markets.

Commercial reports indicate that trading in cotton goods has broadened and that, while the demand for goods in small quantities and under frequent orders is rather active, there is still uncertainty as to the effect of higher prices on the consumption of goods.

The crop reporting board of the Bureau of Markets and Crop Estimates on Oct. 3. 1921, estimated that the condition of the cotton crop on Sept. 25 was 42.2% of normal, compared with 49.3% on Aug. 25, 59.1% on Sept. 25, 1920, 54.4% on Sept. 25, 1919, and 62.4% the average on Sept. 25 of the past 10 years.

A condition of 42.2% on Sept. 25 forecasts a yield per acre of about 118 lbs. and a total production of about 6,537,000 bales of 500 lbs., gross. In 1920 the production was 13,439,603 bales; in 1919, 11,420,763; in 1918, 12,040,532; in 1917, 11,302,375; and in 1916, 11,449,930 bales.

The condition of the crop on Sept. 25 is the lowest on record and the estimated production is less than that for any year since 1884 when 5,682,000 bales were produced.

The preliminary report of the Bureau of the Census issued on Oct. 3, showed 2,907,950 bales ginned prior to Sept. 25, compared with 2,249,606 bales for the corresponding period last year and 1,835,214 bales for 1919. The figure for 1921 is subject to slight corrections when checked with individual returns of the ginners being transmitted by mail.