Cotton ended the midweek session with 15 to 49 point losses in the front months. The midday cotton quotes are 58 to 70 points lower, with May sitting near the lows for the day.
USDA made no changes to the domestic cotton balance sheet this morning, maintaining the 14.68m bale production and 4.3m carryout.
The monthly Cotton Ginnings report showed 14.313m bales were ginned throgu March, which is down from 17m last year but slightly above 2020/21’s pace.
Census data showed 980,645 bales of cotton was exported in January. That was up 45% from December but was 31% lower yr/yr. The season’s export total reached 4.897m bales through Jan, compared to 4.721m last year and the 12m bale WASDE forecast.
The Cotlook A Index was 50 points firmer to 99.40 for 3/7. USDA’s weekly Cotton Market Review showed 31,860 bales were sold at spot this week for an average price of 82.41 cents. The AWP for cotton is now 72.73 cents/lb from 70.78 cents.
May 23 Cotton closed at 82.62, down 15 points,
Jul 23 Cotton closed at 83.25, down 33 points,
Dec 23 Cotton closed at 83.21, down 32 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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