Cotton #2 Futures Market News and Commentary
Cotton futures were mixed at the close, with July 323 points. New crop Dec was down 96 points. Outside markets were supportive, with crude up $2.06 cents and the dollar down 947 points.
Upland cotton export sales in the week of May 12 totaled 110,914 RB for old crop. That was well above the previous week and 2.7% above last year. The largest old crop buyer was India at 34,100 RB. New crop bookings were 25,431 RB, a 20-week low. Export shipments were down 5.85% from the week prior to 343,189 RB. The largest destination was China at 101,600 RB.
The Cotlook A index was 245 points lower on 5/18 at 167.00. USDA the cotton AWP to 143.24 cents/lb today, up 242 points from last week. It is in effect through next Thursday.
Jul 22 Cotton closed at 147.7, up 323 points,
Dec 22 Cotton closed at 128.22, down 96 points,
Mar 23 Cotton closed at 123.93, down 18 points