Front month cotton futures had rallied back towards yesterday’s highs overnight but turned southbound for the day session. At the close prices were 29 to 70 points in the red.
FAS data had 310,236 RBs of cotton export sales for the week that ended 3/16. That is a 5-wk high and was near even with last year’s sale for the same week. Vietnam and China were the top buyers. The weekly data release also had 272,519 RBs of cotton exports for the week, which left the season’s total at 6.221 million – a 1.2% lag yr/yr. Outstanding sales remain well below last year, with total commitments at a 20% yr/yr lag through 3/16.
The online cotton trading platform, The Seam, reported 1,320 bales were sold on 3/22 for an average gross price of 73.41 cents. The Cotlook A Index was back up by 50 points on 3/22 to 92.30 cents/lb. The new adjusted world price for cotton is 225 points lower to 66.33 cents/lb. ICE certified stocks were 1,485 bales on 3/22.
May 23 Cotton closed at 77.58, down 70 points,
Jul 23 Cotton closed at 78.19, down 70 points,
Dec 23 Cotton closed at 79.26, down 55 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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