Cotton futures are another triple digits higher so far for this morning. July cotton futures are a 329 point gain for the week so far, mostly due to Thursday’s limit gain to go back above 80 cents. The other nearby contracts were 191 to 265 points higher at the close.
Weekly Export Sales data showed 231,274 RBs of cotton was booked during the week that ended 4/27. That was up 18% for the week but was down 35% from the same week last year. USDA mentioned China was the top buyer with over 117k RBs alone. New crop sales were reported at 26,928 RBs for the week with a forward book of 1.48 million.
Census confirmed 1.577m bales of cotton was exported during the month of March. That was a 15% increase from Feb, but was down from 1.946m last year. The season’s total shipment reached 7.849m bales compared to 8.3 last year and the 12.2m bale WASDE forecast.
The Cotlook A Index for 5/3 was 92.95 cents/lb, down by 120 points. USDA’s FSA raised the adjusted world price for cotton by 16 points to 66.69 cents/lb.
Jul 23 Cotton closed at 81.76, up 300 points, currently up 234 points
Dec 23 Cotton closed at 81.4, up 236 points, currently up 184 points
Mar 23 Cotton closed at 81.16, up 209 points, currently up 178 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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