Cotton prices are backing off at midday with triple digit losses in the active contracts. May futures are near their lows for the day so far on a 244 point drop. March is higher, but is very thin with only 7 contracts of OI remaining.Â
FAS data had 170,583 RBs of cotton sold for export for the week that ended 2/23. That was a 7-wk low and less than half of the same week last year. China and Vietnam were large buyers for the week, but Pakistan canceled 48k RBs. The report showed 97,240 RBs were sold for 23/24 delivery, taking the forward book to 1.394m RBs. That is still 46% below last year’s pace.Â
USDA reported 794 bales of cotton was consumed domestically in January. That was up from 463 RBs in December, but was down from 1,180 in Jan ’22. Cotton stocks tightened by 116 RBs to 3,396 in January. Stocks were 1,160 RBs tighter than last year.Â
The Cotlook A index was 75 points weaker to 98.60 cents/lb on 3/1. The Seam reported 5,190 bales sold during 2/27 for an average gross price of 82.41 cents. The current AWP for cotton is 70.78 cents/lb, and will be updated after the close.
Mar 23 Cotton  is at 84.57, up 38 points,
May 23 Cotton  is at 83.36, down 230 points,
Jul 23 Cotton  is at 84.05, down 196 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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