Morning cotton futures are triple digits higher so far for Friday’s day session. Cotton futures worked both sides of UNCH on Thursday, and settled the day mixed. December traded in a 251 point range on the day to close 12 points red. May ’23 through the new crop futures were higher, but gains were limited to within 40 points.
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.
The Seam reported 1,380 bales were sold online for an average price of 82.76 cents/lb on 11/9. The Cotlook A Index was firm at 104.50 on 11/9. USDA set the week’s Adjusted World Price for cotton at 76.74 cents, an 11.28 cent increase. ICE certified stocks were 880 bales on 11/9.
Dec 22 Cotton closed at 86.38, down 12 points, currently up 128 points
Mar 23 Cotton closed at 84.56, down 17 points, currently up 123 points
May 23 Cotton closed at 83.97, up 18 points, currently up 116 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.
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