After the midweek pullback, cotton prices closed back up by 60 to 91 points on Thursday. That has Dec at a net 189 point gain for the week so far. Dollar Index was sharply higher to $105.395, the strongest since March.
NOAA’s 7-day QPF shows rain persisting for TX, possibly delaying harvest with accumulations up to 4”. AR, MI, and GA will mostly remain dry.
USDA reported 92,685 RBs of cotton was sold for export during the week of 9/7. That included 67.4k for 23/24 and 25.3k for new crop. Vietnam and Mexico were the top buyers for old crop, while Turkey booked 19.8k RBs of the new crop sale. The week’s shipment was 118k RBs, a 38-wk low. Total exports surpassed 1m RBs, with 1.043 million RBs shipped through 9/7. That is up 13% from last year’s pace.
The Cotlook A Index was 50 points higher to 98.65 cents on 9/13. The AWP for cotton was lowered 1.6 cents to 71.95 cents/lb. ICE Certified Stocks were 2,652 bales on 9/8.
Dec 23 Cotton closed at 87.8, up 91 points,
Mar 24 Cotton closed at 88.23, up 86 points,
May 24 Cotton closed at 88.41, up 84 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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