Front month cotton futures are off their early session lows and working near UNCH for midday. December contracts are 11 points in the black, with 9 to 13 point losses in the spring delivery months.
USDA’s FAS reported 147,795 RBs of cotton was sold for export during the week that ended 11/3. That was down 24% from last week, but was 14% above the same week last year. China was the top buyer with 57.3k RBs. Cotton exports from the week were 108k RBs bringing the MYTD total to 2.774 million. That is up 29% from last year’s pace, though accumulated commitments are only 1.6% higher yr/yr.
Yesterday’s WASDE report had a 13 lb/acre cotton yield boost to 855. That increased production by 220k bales to 14.03 million.
The Cotton Ginnings report showed had 4.384m RBs ginned for the season through October. That is the most since +6m bales in 2019/20.
The Cotlook A Index was firm at 104.50 on 11/9. USDA will adjust the AWP after the close, from 65.46 cents currently.
Dec 22 Cotton is at 86.63, up 13 points,
Mar 23 Cotton is at 84.65, down 8 points,
May 23 Cotton is at 83.88, up 9 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.
/Technology%20abstract%20by%20TU%20IS%20via%20iStock.jpg)
