Cotton futures tumbled on the last trade day of the Thanksgiving week to go into the weekend triple digits lower. Front months were 193 to 272 points in the red at the bell. For December that meant it closed the week as a net 382 point loss.
USDA’s weekly Export Sales report showed cotton sales were 116,428 RBs of net cancelations. India’s 7.5k RB purchase was more than offset by reductions from China and Pakistan. Export shipments were 143,698 RBs for the week, bringing the accumulated export to 3.1m RBs. That is 33.5% ahead of last year’s pace.
The Seam reported 2,547 bales of cotton was sold on 11/22 for 84.71 average gross price. The Cotlook A Index was 4 cents weaker on 11/22 to 98.45 cents/lb. The AWP for the week 77.78 cents/lb. ICE certified stocks were 8,901 bales on 11/23.
Dec 22 Cotton closed at 81.34, down 260 points,
Mar 23 Cotton closed at 80.18, down 272 points,
May 23 Cotton closed at 79.53, down 267 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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