CME Cotton #2 Futures Market News and Commentary
Nearby cotton futures are working with midday gains of 148 to 330 points so far as they head toward the weekend. The market has corrected, but is still holding the post-USDA report gap open on the charts. The southern US is expected to see welcome rain activity over the rest of the month, but it is too late to help a significant chunk of the Texas crop.
USDA’s weekly Export Sales report showed 49,522 RBs of cotton were sold for the first full week of the 22/23 season. Another 10k RBs of 22/23 cotton was also added to the books. Shipments from the week were 267,374 RBs for a season total of 448,633.
China’s Customs data had 120k MT of cotton imports for July. That was down 17% from July ’21.
The Cotlook A Index (old crop) was back down by 325 points to 131.65 cents on 8/18. USDA’s AWP for cotton was raised 13.75 cents to back above the $1 mark at 101.90 cents/lb.
Oct 22 Cotton is at 118.6, up 148 points,
Dec 22 Cotton is at 115.96, up 326 points, Read more