The US Agriculture Department set the prevailing world market price for upland cotton at 59.99 cents per lb, effective through January 28. The price is adjusted to US quality and location for Strict Low Middling, 1-1/16 inch upland cotton. USDA also announced a special import quota for upland cotton that permits importation of a quantity of upland cotton equal to one week's domestic mill use.

The quota will be established on January 28, 2010, allowing importation of 13,728,119 kilograms (63,053 bales) of upland cotton. The next announcement for upland cotton will be on January 28, at 4 pm Eastern time.

Copyright Reuters, 2010