Cotton #2 Futures Market News and Commentary
Cotton closed near their lows for the day on triple digit drops in May and July contracts. The other nearbys were 53 to 98 points in the red at the bell.
USDA reported only 32,600 RB of upland cotton were sold for export in the week ending December 1. China took 11,000 RB of that total. Sales for 2022/23 crop were a modest 26,400 RB. Cotton exports were 141k RB for a season total of 3.38 million, up 34.8% from last year.
China is easing some COVID testing rules, but it is not clear whether that will initially help boost the economy or result in more sick days.
The 12/07 Cotlook A Index was $1.02 75/100 per pound, up by 0.65 cents. USDA’s FSA raised the week’s AWP by 2.14 cents to 75.17 cents per pound. ICE Certified Stocks were 8,901 bales on 12/07.
Mar 23 Cotton closed at 80.85, down 98 points,
May 23 Cotton closed at 80.65, down 104 points,
Jul 23 Cotton closed at 80.39, down 101 pointsOn the date of publication, Alan Brugle... Read more