Cotton Dropping Triple Digits

Cotton futures are sitting near their lows through the first part of Thursday. On the board the market is 169 to 259 points lower with December now 340 points above the July low. 

USDA’s weekly Export Sales data had 30,222 RBs of cotton sold from the week that ended 9/22. That was down 7% on the week and was just 5% of the same week last year. Pakistan led the sales with 32k RBs, but was partially offset by Turkish reductions. USDA also showed 41.5k MT of 22/23 cotton was sold – mainly to Pakistan and Thailand. Accumulated commitments are still 11% ahead of last year with 8.019m RBs on the books. 

The Cotlook A Index was another 25 points lower to 106.70 cents. USDA’s National daily Spot Quotations report had 765 bales sold in E. TX / OK, for a season total of 26,266. USDA has the AWP for cotton as 88.88 cents/lb, through the close. 

Dec 22 Cotton  is at 85.9, down 259 points,

Mar 23 Cotton  is at 83.73, down 212 points,

May 23 Cotton  is at 82.8, down 146 points