Cotton #2 Futures Market News and Commentary
After the midweek rally left cotton nearly 300 points, Thursday’s session fell back 428 to 459 points. Dollar Index was back higher on Thursday.
Cotton export sales during the week ending 10/14 were 391,796 RBs. That was up 167% from the week prior, and 72% above the same week last year. China was the top buyer with 272.8k RBs bought. That left China’s 21/22 commitments at 2.36m RBs. That is still down 27% yr/yr as 29% of the total. Shipments to China account for 21% of the total 1.85m RBs.
The online cotton trading platform The Seam reported 6,822 bales sold on 10/20 for 107.26 cents. The DSQ from 10/21 showed 6,322 bales sold. Cotlook A index was 117.05 cents/lb on 10/20 after a 85 point reduction. The AWP for cotton was 8 points lower to 92.8 cents/lb.
Dec 21 Cotton closed at 106.14, down 459 points,
Mar 22 Cotton closed at 104.15, down 448 points,
May 22 Cotton closed at 103.24, down 440 points