The Xinjiang Development and Reform Commission has released its 2008/09 cotton procurement reference price. The standard Grade T328 has a reference procurement price of 12,000 yuan per ton, which will be adjusted for color grade and length. The ELS reference price will be 15,600 yuan per ton or approximately 103.39 U.S. cents per pound, which is in line with current weaker domestic prices. Ginners and merchandisers who receive ADB loans are advised not to procure seed cotton at prices that equate to above 12,000 yuan per ton, which is also used by growers as a reference price to compare local bids.
