Cotton #2 May '20 (CTK20)
Cotton #2 Futures Market News and Commentary
Cotton futures bounced back from the limit move late, but still closed with 259 to 298 point losses in the nearby contracts. The stock market was sharply lower. Weekly cotton bookings from USDA’s Export Sales report were 214,649 RBs on the week ending 02/20. That was a 8.72% reduction wk/wk but sales were 150.92% higher than the same week last year. Cotton shipments from the same report were 324,084 RBs, which put accumulated cotton exports at 6.567m RBs. That is 22.75% higher than last year’s pace. New crop cotton bookings from the same week added 198,859 RBs, for a total of 1.483m RBs of new crop commitments. Cotton sales to China on the week were 39,559 RBs, which was 18.43% of the total sales, and broke the 3 week streak of negative sales. Cotton shipments to China were a 7-week low to 32,889 RBs. The cotton trading platform The Seam recorded 2,354 bales sold on 02/06 at an av gross price of 59.00 cents/lb. The Cotlook A index was down another 125 points on 02/26, to 75.05 c/lb.... Read more
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