Cotton futures are down 31 to 46 points at midday, with some negative momentum from yesterday’s cotton sell off. The triple digit losses in the front months flipped March net lower for the week, down 276 points on Wednesday and a net 137 lower for the week to date.
USDA reported only 32,600 RB of upland cotton were sold for export in the week ending December 1. China took 11,000 RB of that total. Sales for 2022/23 crop were a modest 26,400 RB.
China is easing some COVID testing rules, but it is not clear whether that will initially help boost the economy or result in more sick days.
The Seam reported 5,805 bales were sold at spot on 12/06 for an average gross price of 85.95 cents. The Cotlook A Index was 75 points stronger on 12/06 to 102.10 cents/lb. The AWP for the week is 73.03 cents/lb, effective through Thursday.
| Mar 23 Cotton | is at 81.57, down 26 points, |
| May 23 Cotton | is at 81.26, down 43 points, |
| Jul 23 Cotton | is at 80.96, down 44 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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