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Seed cotton procurement prices continue to erode across China, with current prices at their lowest level of the season, ranging from a low near 5.0 yuan per kilogram, basis Grade 3 up to a high of 5.50 yuan at some locations near gins.  These prices have been catastrophic on grower profit margins.  Although cotton picking is 75 to 80% complete, less than 20 to 30% of the growers have sold their seed cotton, having instead stored it in homes and sheds.  As each day passes and prices continue their downward movement, growers come closer to panicking and selling.  The NDRC move to acquire Xinjiang cotton for the reserve has had no impact.

The anemic condition of cotton lint prices and extreme softness in oilseeds are the driving forces behind the weakness and instability, with cottonseed prices remaining close to the lows of the year.  Ginners are apprehensive in processing seed cotton at any price, with many gins having lost money on retained inventories due to the volatility and weakness in cottonseed oil and meal prices, as well as the instability in cotton lint itself.