Morning quotes show the cotton board in the red with 15 to 30 point losses; but the front months have been bouncing form 70-80 point losses. Cotton futures closed off their lows on Thursday, but still gave back 122 to 148 points across the front months. New crop cotton ended the day firmer with only 25 to 33 point losses.
Cotton bookings from the weekly Export Sales data were 25,059 RBs – a MY low. Taiwan and China were the top buyers for the week, but each only added 5.7-5.8k RBs to their book. Cotton commitments were 8.8m RBs as of 10/11 – a 0.3% lead over last season’s pace.
The Cotlook A Index for 11/16 was 320 points higher to $1.05 75/100. The online cotton trading platform, The Seam, had 3,746 bales sold at spot for an average gross price of 84.34 cents/lb on 11/15. The updated AWP for the week 77.78 cents/lb, from is 76.74 cents/lb.
Dec 22 Cotton closed at 87.04, down 140 points, currently down 16 points
Mar 23 Cotton closed at 85.28, down 148 points, currently down 38 points
May 23 Cotton closed at 84.39, down 148 points, currently down 36 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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