The upward momentum continues in the cotton market through Thursday’s midday. Gains are limited to 3.34 cents so far, with triple digit gains through October ’23.
Weekly Export Sales data had cotton bookings at 121,972 RBs for the week that ended 10/27. That was up 272% through the week, as a MY high. China was the main buyer with 122k RBs. 43,390 RBs of cotton was exported through the week according to FAS’s report. That se the season’s Int’l cotton commitments as 1.907m RBs- compared to 2.594m RBs during the same time last year.
The Cotlook A Index was 92.20 cents/lb after a 3 cent increase on 11/2.The online cotton trading platform, The Seam, reported 357 bales were sold on 11/01 for an average gross price of 70.8 cents. USDA’s AWP is 68.95 cents/lb, and will be updated after the close.
Dec 22 Cotton is at 82.48, up 348 points,
Mar 23 Cotton is at 81.34, up 270 points,
May 23 Cotton is at 80.94, up 209 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
