The US Agriculture Department set the prevailing world market price for upland cotton at 59.01 cents per lb, effective through February 4. 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 February 4, 2010, allowing importation of 14,816,030 kilograms (68,050 bales) of upland cotton. The next announcement for upland cotton will be on February 4, at 4 pm Eastern time.

Copyright Reuters, 2010