The midweek cotton futures market is mixed at midday. The old crop contracts are up 6 to 30 points so far, while new crop is 1 to 12 points weaker.
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 Cotlook A Index up 130 points on 4/11 to 96.15 cents/lb. The adjusted world price for cotton is 69.88 cents/lb, through Thursday.
May 23 Cotton is at 82.97, up 22 points,
Jul 23 Cotton is at 82.96, up 4 points,
Dec 23 Cotton is at 82.48, down 42 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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