Morning cotton futures are working lower by double digits so far. Cotton recovered on Thursday, erasing most of Wednesday’s drop. Futures were up by 174 to 214 points at the bell. March contracts are still a net 79 points lower for the week.
Cotton exports totaled 760k bales during November according to data from Census. That was up 39% from October and was 60% higher yr/yr. Accumulated cotton exports were officially 3.241m bales for the first 4 months of the season – at 26.5% of the WASDE forecast. Cotton shipments seasonally peak Feb-Mar.
The Seam reported 1,789 bales were sold online on 1/04 for an average gross price of 75.18 cents. The Cotlook A Index was 20 points lower to 99.80 cents on 1/04. The new USDA AWP is 72.98, down from 74.50 the previous week. It will be in effect through January 12.
Mar 23 Cotton closed at 82.58, up 214 points, currently down 14 points
May 23 Cotton closed at 82.62, up 210 points, currently down 15 points
Jul 23 Cotton closed at 82.56, up 210 points currently down 14 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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