Front month cotton futures are down by 110 to 155 points. The October contract is down by 226 points so far.
The monthly WASDE update showed lower US planted and harvested acreage, but a stronger yield. Expected production was cut 860k bales to 13.13 million. Demand changes saw a 200k bale loss for exports at 12.3 million and a 100k bale tighter carryout of 3 million – the tightest since 2016/17.
Global changes reflected a 550k bale increase for Brazilian output offset by a 500k bale loss for India. Global cotton stocks were shown at 89.96m bales, 1.6 million tighter from the prior estimate.
The Seam had 3,185 bales sold during Monday for an average price of 77.33 cents. The Seam reported 1,564 bales sold online on 9/08 for an average gross price of 74.65 cents. The AWP for cotton is 73.55 cents/lb. ICE Certified Stocks were 2,652 bales on 9/8.
Dec 23 Cotton is at 86.69, down 161 points,
Mar 24 Cotton is at 87.11, down 141 points,
May 24 Cotton is at 87.27, down 138 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.
