The cotton market is working near the lows for the day with 118 to 273 point losses so far. That has fully offset last week’s rally for the July contract. The market continues to fret about the debt ceiling negotiations, and about mixed signals regarding further Fed rate hikes in June. The Dollar Index is at highs not seen since mid-March.
USDA’s weekly Export Sales report showed 215,549 RBs of cotton was sold for export during the week that ended 5/18. That was split out with 131k RBs for 22/23 deliver and 84k for new crop. Cotton exports from the week were 268,748 RBs, a 7-wk low, for a season total of 9.181 million. The total new crop forward book was at 1.608 million RBs as of 5/18.
The 5/24 Cotlook A Index was 95 points lower to 94.45 cents. The online cotton trading platform The Seam reported 8,064 bales sold at 72.40 cents for 5/23. The AWP for cotton for the week is 68.10 cents/lb, and will be updated after the close.
Jul 23 Cotton is at 80.04, down 168 points,
Dec 23 Cotton is at 78.65, down 163 points,
Mar 24 Cotton is at 78.84, down 143 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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