Cotton futures are beginning the week with weakness into the Monday session on triple digit losses. Cotton closed the Friday session with 201 to 274 point gains. For May contracts that led to a 340 point gain for the week.
USDA’s weekly Classing data showed 34,142 bales were classed as upland cotton this week, bringing the season’s total to 13.604 million. Adding pima, USDA has the total classings for the season at 14.042m bales.
Weekly FAS data showed 425,322 RBs of cotton was sold for export during the week that ended 2/16. That was the most sold for a week since September of 2021 – led by sales to Vietnam and Pakistan. USDA reported total export shipments for the season hit 5.179 million bales. Adding the 5.18m RBs of unshipped sales had total commitments 18% behind last year's pace.
USDA’s weekly Cotton Market Review showed 12,506 bales were sold at spot for the week, and the average price was 79.73 cents/lb. The Cotlook A index was 25 points stronger on 2/23 to 97.10 cents/lb. The AWP for cotton was 327 points lower to 70.78 cents/lb.
Mar 23 Cotton closed at 85.13, up 272 points, currently UNCH
May 23 Cotton closed at 84.9, up 274 points, currently down 136 points
Jul 23 Cotton closed at 85.08, up 245 points currently down 129 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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