With the AM gains into Friday’s day session, the cotton market is back to net higher for the week’s move. Cotton futures posted triple digit gains of 113 to 167 points on Thursday. The Dec contract had a net 36 point gain for the week heading into Friday.
Cotton bookings were 125,556 RBs during the week that ended 6/22, according to USDA Export Sales data. That was a 2-week high, but 77k RBs lighter than the rolling 5-week average. USDA marked China and Vietnam as the week’s top buyers. Cotton exports for the week were 225k RBs for a season total of 10.488 million. That trails last year’s pace by 9% and is 85% of the USDA full year forecast. The 5-yr average pace would be 88% by this date.
The 6/28 Cotlook A Index was 60 points weaker to 88.70 cents. The AWP is 65.50 cents/lb through Thursday. ICE Certified stocks were 17,051 bales on 6/28.
Traders on average expect USDA will show 11.2 million acres of cotton were planted in the US this spring, down 100,000 from March Intentions.
Jul 23 Cotton closed at 81.25, up 113 points, currently up 113 points
Dec 23 Cotton closed at 79.03, up 167 points, currently up 57 points
Mar 24 Cotton closed at 79.04, up 149 points currently up 46 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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