Crop production, gin data and world supply-demand estimates for October canceled by USDA. The CFTCΆs trader-commitments and on-call reports scheduled for release this week also have been canceled.
Cotton futures rebounded off a new intraday low for the move to close moderately higher Thursday, underpinned by mill buying and fixations.
Spot December closed up 66 points at 83.92 cents, just off the high of its 135-point range from down 59 points at 83.57 cents — its lowest intraday price since Sept. 6 — to up 76 points at 83.92 cents. March settled up 67 points to 84.95 cents.
Volume quickened to an estimated 17,900 lots from 16,026 lots the previous session when spreads totaled 5,374 lots or 34%, EFP 44 lots and EFS 20 lots. Options volume totaled 4,581 calls and 6,162 puts.
The USDA announced that the National Agricultural Statistics Service and the World Agricultural Outlook Board have cancelled or postponed publication of selected statistical reports impacted by the lapse in federal funding.
The crop production and ginning reports from NASS and the WAOBΆs world supply-demand estimates have been canceled. The next scheduled release for these reports is Nov. 8. Also canceled were NASSΆs crop progress reports for Oct. 7 and Oct. 15. The announcement didnΆt mention the Foreign Agricultural ServiceΆs weekly export sales report.
“While the lapse in federal funding has ended, NASS has not been able to engage in the necessary data collection and analysis over the past few weeks,” USDA said in a news release, adding that NASS is evaluating its data collection plans and evaluating the timing of upcoming reports.
This had been mostly expected. The crop data collected before the government shutdown on Oct. 1 would have been dated by now, and itΆs a major component of the U.S. and world supply-demand estimates.
Without the crop report, which includes boll counts and weights in the five largest cotton states, understanding the impact of weather “is all the more difficult,” Sharon Johnson, senior cotton specialist with KCG Futures in Rosedale, Ga., pointed out earlier this month.
JohnsonΆs own U.S. crop estimate, based on conditions around Oct. 1, was 12.92 million bales, close to USDAΆs September forecast of 12.899 million. Her November crop estimate, of course, may differ.
With carry-in stocks considered unlikely to change much at this late date, JohnsonΆs estimate of supply at 16.8 million bales remained the lowest since 1984.
Reports from the Commodity Futures Trading Commission on commitments of traders and on-call cotton positions, which were scheduled for release this week, also have been canceled.
“The CFTC is performing the work necessary to resume publishing these and other reports and will announce a revised schedule once more information becomes available,” the commission said.
Futures open interest gained 299 lots Wednesday, the first increase since Oct. 4, with DecemberΆs down 1,350 lots to 120,704 and MarchΆs up 766 lots to 63,127.
Certificated stocks continued to grow, rising 10,342 bales to 48,819 bales. Awaiting review were 46,182 bales, including 7,946 bales at Galveston, 14,103 at Greenville and 24,103 at Memphis.
World values as measured by the Cotlook A Index dropped 30 points Thursday morning to 89.45 cents. The premium to WednesdayΆs December futures settlement widened 25 points to 6.29 cents.
