The cotton futures market is trading near their overnight lows on 37 to 54 point losses. Cotton futures rebounded in the afternoon and ended Tuesday with gains. Futures were up 5 to 30 points at the bell, after May saw a tighter 117 point range on the day. Dec cotton closed with a 15 point premium to the May delivery. USDA reduced the cash average price by a point to 82 cents/lb.
USDA’s April WASDE balance sheet lifted their cotton export # by 200k bales, reducing carryout by the same. That has a 14.3m bale export program dialed in for 22/23 with a 4.1m bale carryout. Global trade was net reduced by 740k bales to 38.9 million, seeing slightly lighter exports from Australia and Brazil and slightly lighter imports from China and Turkey. Carryout was upped by 860k bales to 92 million.
The online cotton trading platform The Seam reported 10,363 bales were sold on 4/6 for an average 79.64 cents/lb. The 4/6 Cotlook A Index was steady at 94.85 cents. The AWP for cotton was 204 points higher to 69.88 cents/lb.
May 23 Cotton closed at 82.75, up 30 points, currently down 47 points
Jul 23 Cotton closed at 82.91, up 18 points, currently down 54 points
Dec 23 Cotton closed at 82.9, up 27 points, currently down 57 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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