So far for Friday the cotton futures market is another 167 to 351 points in the black. July futures have printed a 271 point range after a slight gap at the open.
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 was 175 points weaker on 5/4 to 91.20 cents/lb. The AWP for cotton was 16 points higher to 66.69 cents/lb.
Jul 23 Cotton is at 84.12, up 236 points,
Dec 23 Cotton is at 83.27, up 187 points,
Mar 24 Cotton is at 82.98, up 182 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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