Cotton prices are rebounding 40 to 50 points on Friday morning, leaving Dec back towards a neutral move on the weekly chart. Thursday’s cotton trade was spent within a 161 point range, though most of it was spent in the black. December ended the day 9 points off the session low for a 47 point loss, but had been up by more than a penny at the day’s high.
Daily classings data from USDA showed 31,078 bales were classed as upland, with no data for pima on 10/05.
The weekly Export Sales report had 239,957 RBs of cotton sold during the week that ended 9/28. That was a MY high led by sales to China – which had over half the total. The report also showed 150k RBs of cotton shipments for a season total of 1.503 million. That remains 26% behind last year's pace.
Census data released yesterday showed 1.04 million bales shipped during August. That was down 18% from last year’s beginning month and was slightly below the 5-yr average of 1.11m.
The Cotlook A Index dropped 150 points to 97.35 cents. The updated AWP for cotton was 72.36 cents/lb, up 9 points for the week. ICE Certified Stocks were shown at 39,817 bales on 10/04.
Dec 23 Cotton closed at 86.54, down 47 points, currently up 51 points
Mar 24 Cotton closed at 87.59, down 27 points, currently up 50 points
May 24 Cotton closed at 88.28, down 11 points, currently up 42 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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