Midday cotton futures are working lower again so far for Friday. March is down by a penny, but the other nearbys are 31 to 67 points weaker. December is sitting at nearly a 2 cent premium to the lead month March quote.
USDA’s FAS reported 216,915 RBs of cotton was sold for export during the week that ended 2/9. That was a 17% drop from last week’s business, though was still up 37% from the same week last year. The report also had 23,936 RBs of new crop sales for the week, with the accumulated forward book at 1.285m RBs. Accumulated old crop commitments were 9.93m RBs, a 19% lag from last year’s pace.
The Cotlook A index was firm 260 points lower to 98.25 cents/lb on 2/16. The Seam reported 4,812 bales were sold at spot on 2/14 for an average gross price of 79.03 cents/lb. The updated AWP for cotton is now 74.05 cents, down by 36 points from last week. ICE certified stocks were 1,147 bales on 2/15.
Mar 23 Cotton is at 80.25, down 100 points,
May 23 Cotton is at 81.29, down 71 points,
Jul 23 Cotton is at 82.16, down 60 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. For more information please view the Barchart Disclosure Policy here.
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