Cotton #2 Futures Market News and Commentary
Nearby cotton prices are down by triple digits into the new week, following the shortened Friday trade of double digit losses. Cotton futures tumbled on Friday, going into the weekend triple digits lower. Front months were 193 to 272 points in the red at the bell. For December that meant it closed the week as a net 382 point loss.
USDA’s weekly Export Sales report showed cotton sales were negative, with 116,428 RBs of net cancelations. India’s 7.5k RB purchase was more than offset by reductions from China and Pakistan. Export shipments were 143,698 RBs for the week, bringing the accumulated export to 3.1m RBs. That is 33.5% ahead of last year’s pace.
The Seam reported 2,547 bales of cotton was sold on 11/22 for 84.71 average gross price. The Cotlook A Index was 4 cents weaker on 11/22 to 98.45 cents/lb. The AWP for the week ending December 1 is 74.51, down from 77.78 cents/lb. the previous week. ICE certified stocks were 8,901 bales on 11/23.
Dec 22 Cotton clos... Read more