{"id":3656,"date":"2024-10-02T15:34:20","date_gmt":"2024-10-02T20:34:20","guid":{"rendered":"https:\/\/agrilife.org\/agecon\/?p=3656"},"modified":"2024-10-02T16:15:47","modified_gmt":"2024-10-02T21:15:47","slug":"understanding-the-relationship-between-cotton-classing-and-cotton-prices","status":"publish","type":"post","link":"https:\/\/agrilife.org\/agecon\/understanding-the-relationship-between-cotton-classing-and-cotton-prices\/","title":{"rendered":"Understanding the Relationship Between Cotton Classing and Cotton Prices"},"content":{"rendered":"<div id=\"attachment_3657\" style=\"width: 493px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3657\" class=\"size-landing-template-thumbnail wp-image-3657\" src=\"https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Cotton-483x272.jpg\" alt=\"Picture of cotton in a field\" width=\"483\" height=\"272\" srcset=\"https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Cotton-483x272.jpg 483w, https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Cotton-1024x576.jpg 1024w, https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Cotton-560x315.jpg 560w, https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Cotton-350x197.jpg 350w\" sizes=\"auto, (max-width: 483px) 100vw, 483px\" \/><p id=\"caption-attachment-3657\" class=\"wp-caption-text\">Cotton on the Texas A&amp;M AgriLife Farm in Snook, Texas on Sept. 9, 2021. (Sam Craft\/Texas A&amp;M AgriLife Marketing and Communications)<\/p><\/div>\n<p>How does cotton quality impact the price someone pays for it?\u00a0 In this post, we discuss how cotton is classed and how the classification of upland cotton might inform cotton prices.<!--more--><\/p>\n<h3><\/h3>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h3>Cotton Lint Classification Parameters<\/h3>\n<p>Cotton classification refers to the measurement of cotton lint according to a set of standards related to the lint\u2019s quality.\u00a0 Ideally, these standards communicate to growers what qualities the industries that use cotton value most.\u00a0 For cotton buyers, classing information provides objective data about the quality of cotton in each bale that is sold.<\/p>\n<p>Cotton is classed according to eight parameters:<\/p>\n<ul>\n<li><strong>Fiber length<\/strong> refers to the length of individual cotton fibers. Length impacts how easily cotton lint is processed into yarn and the quality of the fabric that is woven from the yarn.<\/li>\n<li><strong>Length uniformity<\/strong> describes how similar in length individual cotton fibers are to one another. In general, greater uniformity is associated with higher quality and easier processing.<\/li>\n<li><strong>Fiber strength<\/strong> refers to the amount of force that is required to break a set of cotton fibers. Stronger fibers are less likely to break during the yarn production process.<\/li>\n<li><strong>Micronaire<\/strong> measures the fineness or thickness of cotton fibers. Micronaire that is too high or too low is difficult to process and results in a fabric that lacks the \u201cfeel\u201d that consumers desire.<\/li>\n<li><strong>Color<\/strong> describes the brightness of and the amount of pigmentation (yellowness) present in a set of lint fibers. Cotton that is brighter and has less pigmentation is easier to dye and easier to blend with cotton from other bales.<\/li>\n<li><strong>Trash<\/strong>, <strong>leaf<\/strong>, and <strong>extraneous matter <\/strong>each measure the amount of non-lint materials found in a bale of cotton. These materials must be removed before the lint is processed into yarn, which incurs a cost on the processor.<\/li>\n<\/ul>\n<p>For more information on how each of these parameters is measured, refer to this <a href=\"https:\/\/www.cottoninc.com\/cotton-production\/quality\/classification-of-cotton\/\">Cotton Incorporated publication<\/a>.<\/p>\n<h3>Cotton Quality and Loan Value<\/h3>\n<p>Depending on how it is classed, cotton may have a premium or a discount applied to its loan value for the \u00a0purposes of USDA\u2019s <a href=\"https:\/\/www.fsa.usda.gov\/programs-and-services\/price-support\/commodity-loans\/non-recourse-loans\/index\">Marketing Assistance Loan Program<\/a>.\u00a0 Currently, the base rate for upland cotton is $0.52 per pound.\u00a0 Each year, USDA determines how premiums are added to, or discounts subtracted from, this value and publishes this information on the <a href=\"https:\/\/www.fsa.usda.gov\/programs-and-services\/price-support\/commodity-loan-rates\/index\">Commodity Loan Rate web page<\/a>.\u00a0 Figures 1 and 2 provide examples of two charts that describe these premiums and discounts for upland cotton.\u00a0 You can find the <a href=\"https:\/\/www.plainscotton.org\/wp-content\/uploads\/2024\/06\/2024LoanChart.pdf\">full loan schedule<\/a> for upland cotton on the <a href=\"https:\/\/www.plainscotton.org\/resources\/\">resources page<\/a> of Plains Cotton Growers website.<\/p>\n<p>Figure 1 shows the 2024 premiums and discounts for fiber (staple) length, color, and leaf.\u00a0 Cotton with a color grade of 41, staple length of 34, and leaf grade of 4 receives the base loan rate of $0.52 cents per pound.\u00a0 Cotton that has longer fiber length (moving to the right on the chart), a better color grade (for example, moving from 41 to 31 in color), or less leaf (moving up with in a color grade) receives a premium.\u00a0 Moving to the left or down results in a discount.<\/p>\n<div id=\"attachment_3662\" style=\"width: 1037px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3662\" class=\"size-full wp-image-3662\" src=\"https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Figure-1.png\" alt=\"Figure illustrating part of the 2024 cotton loan rate schedule\" width=\"1027\" height=\"794\" srcset=\"https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Figure-1.png 1027w, https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Figure-1-1024x792.png 1024w, https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Figure-1-768x594.png 768w\" sizes=\"auto, (max-width: 1027px) 100vw, 1027px\" \/><p id=\"caption-attachment-3662\" class=\"wp-caption-text\">Figure 1. Part of the 2024 Upland Cotton Loan Schedule<\/p><\/div>\n<p>Figure 2 reports the 2024 premiums and discounts for micronaire.\u00a0 In the schedule cotton earns a premium for micronaire readings between 3.7 and 4.9.\u00a0 Cotton earns discounts for readings less than 3.5 or greater than 5.0.\u00a0 Note that the chart gives premium and discount values in <em>points<\/em> and not cents per pound.\u00a0 In this chart, 100 points equals $0.01.\u00a0 In other words, a micronaire reading between 3.7 and 4.2 results in a premium of one-tenth of one cent per pound.\u00a0 A micronaire reading between 5.0 and 5.2 results in a discount of two and half cents per pound.<\/p>\n<div id=\"attachment_3663\" style=\"width: 499px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3663\" class=\"size-full wp-image-3663\" src=\"https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Figure-2.png\" alt=\"Figure illustrating the premiums and discounts related to micronaire\" width=\"489\" height=\"753\" \/><p id=\"caption-attachment-3663\" class=\"wp-caption-text\">Figure 2. 2024 Premiums and Discounts for Micronaire<\/p><\/div>\n<h3>Loan Value and Lint Price<\/h3>\n<p>So how does the loan value impact the price paid for cotton in the market?\u00a0 Or does the loan value impact price?\u00a0 To help answer that question, we can look at trading statistics for cotton provided by The Seam\u00ae <a href=\"https:\/\/www.theseam.com\/software-solutions\/commodities-trading-and-clearing\/cotton-trading-monitor-open\/\">Cotton Trading Monitor<\/a>.\u00a0 This site provides real-time data on cotton trading, including information on the grade, loan rate, and market price for cotton bales sold on a given day.<\/p>\n<p>Figure 3 shows these statistics for October 2, 2024.\u00a0 Of interest to use are the columns titled Price, LRR, and Prem.\u00a0 The price column reports the price per pound that the cotton sold for.\u00a0 The LRR column indicates the cotton\u2019s loan value.\u00a0 The Prem column lists the difference between the cotton\u2019s price and its loan value.\u00a0 In the figure, cotton with a higher loan value also tends to receive a larger premium.\u00a0 Figure 4 also illustrates this relationship, which plots the loan rate against the cotton price Figure 4a) and the loan rate against the premium.\u00a0 Based on this information, it appears that we can at least associate a higher loan rate with a higher price.<\/p>\n<div id=\"attachment_3664\" style=\"width: 1471px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3664\" class=\"size-full wp-image-3664\" src=\"https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Figure-3.png\" alt=\"Figure showing trading data for cotton\" width=\"1461\" height=\"737\" srcset=\"https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Figure-3.png 1461w, https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Figure-3-1024x517.png 1024w, https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Figure-3-768x387.png 768w\" sizes=\"auto, (max-width: 1461px) 100vw, 1461px\" \/><p id=\"caption-attachment-3664\" class=\"wp-caption-text\">Figure 3. Trading Data for October 2, 2024, from The Seam\u00ae<\/p><\/div>\n<p>&nbsp;<\/p>\n<div id=\"attachment_3665\" style=\"width: 1418px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3665\" class=\"size-full wp-image-3665\" src=\"https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Figure-4.png\" alt=\"Two graphs illustrating the relationship between cotton loan value and cotton price\" width=\"1408\" height=\"691\" srcset=\"https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Figure-4.png 1408w, https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Figure-4-1024x503.png 1024w, https:\/\/agrilife.org\/agecon\/files\/2024\/10\/Figure-4-768x377.png 768w\" sizes=\"auto, (max-width: 1408px) 100vw, 1408px\" \/><p id=\"caption-attachment-3665\" class=\"wp-caption-text\">Figure 4. Cotton Price and Premium Over Loan Value Plotted Against Loan Value<\/p><\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How does cotton quality impact the price someone pays for it?\u00a0 In this post, we discuss how cotton is classed and how the classification of upland cotton might inform cotton&#8230; <span class=\"read-more\"><a href=\"https:\/\/agrilife.org\/agecon\/understanding-the-relationship-between-cotton-classing-and-cotton-prices\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":2184,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_crdt_document":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[19,26],"tags":[],"class_list":["post-3656","post","type-post","status-publish","format-standard","category-cotton","category-marketing-plan","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Understanding the Relationship Between Cotton Classing and Cotton Prices - Ag Economics on the Plains<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/agrilife.org\/agecon\/understanding-the-relationship-between-cotton-classing-and-cotton-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding the Relationship Between Cotton Classing and Cotton Prices - Ag Economics on the Plains\" \/>\n<meta property=\"og:description\" content=\"How does cotton quality impact the price someone pays for it?\u00a0 In this post, we discuss how cotton is classed and how the classification of upland cotton might inform cotton... 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