The midday cotton market is trading 0.7% to 1% higher across the front months. Dec is off the high by 30 points for the day, though still 83 points in the black. The Fed chose to leave short term interest rates UNCH, as expected, and to continue to wind down the extensive inventory of Treasuries they acquired during the pandemic.Â
USDA’s FAS reported a MY high 457,129 RBs of cotton was sold for export during the week that ended 10/26. The weekly update showed China was the top buyer with 324k RBs and Mexico booked 108k. The report also included 88k RBs sold for 24/25 delivery, leaving the forward book at 500k RBs – compared to 1.1m at this time last year. The week’s exports were 123k RBs for a season total of 1.947 million.Â
The Cotlook A Index was 115 points weaker to 92.6 cents/lb on 11/1. The AWP for cotton is 68.72 cents/lb, and will be updated after the close. ICE certified stocks were 73,978 bales on 10/27.Â
Dec 23 Cotton  is at 80.42, up 98 points,
Mar 24 Cotton  is at 82.69, up 101 points,
May 24 Cotton  is at 83.67, up 80 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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