Cotton futures are mostly higher in early Friday market action, though the Dec ’24 contract is 3 points weaker widening the Dec/Dec spread to 412 points. Cotton futures were off their highs but still 40 to 78 points in the black at the close on Thursday. Dec saw a 169 point range on the day, from -30 points to +139. December has strengthened by 219 points on the week.
USDA’s Export Sales report showed 186k RBs of cotton was booked during the week that ended 10/19. That was a 160% increase for the week and was nearly triple the same week last year. China was the top buyer with over half of the total sale. Cotton exports however were only 98k RBs for the week, a 43-wk low. The MYTD total trails last season by 30% with 1.8m RBs shipped.
The Cotlook A Index was 75 points weaker on 10/25 to 93.6 cents/lb. The updated AWP for cotton was 110 points lower for the week to 68.72 cents/lb. The ICE certified stocks for 10/25 was 70,706 bales.
Dec 23 Cotton closed at 84.59, up 78 points, currently up 52 points
Mar 24 Cotton closed at 86.12, up 61 points, currently up 51 points
May 24 Cotton closed at 86.9, up 46 points, currently up 33 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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