Another session of triple digit losses has the cotton board below the June lows at new lows for the move. Futures have dropped a net 8.7 cents over the past 8 sessions, 4 of which were triple digit losses. Tuesday’s midday quotes are 77 to 127 points weaker.
Monthly Census data showed cotton exports were 654k bales in September. That was a 37% drop from the month prior, and compares to 732k bales during Sep ’22.
The Crop Progress report showed 95% of bolls were open. Harvest had advanced 8% points to 57% finished nationally. The average pace would be 55% finished. Harvest in TX had advanced 4% points to 47% finished and GA was listed at 46% harvested.
The Cotlook A Index stayed UNCH at 91.8 cents/lb for 11/6. The weekly Cotton Market Review from USDA showed 10,167 bales were sold at spot during the week for an average price of 76.73 cents/lb. USDA’s FSA reduced the AWP for cotton by 61 points to 68.11 cents/lb.
Dec 23 Cotton is at 76.78, down 122 points,
Mar 24 Cotton is at 79.61, down 131 points,
May 24 Cotton is at 80.7, down 130 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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