After printing the lowest prices in nearly 12 months, midday quotes show the board is back up by 58 to 144 points throug midday. USDA’s new cash average price is 3 cents weaker to 77 cents/lb.
USDA raised the national average cotton yield by 16 lbs/acre to 783. That lifted production by 270k bales to 13.09 million. Domestic use was also cut by 100k bales, lifting stocks by 400k from October to 3.2 million. Global numbers saw an 860k bale increase to 113.5 million. Carrout was 1.58 million bales looser at 81.5 million.
USDA’s FAS reported 395,170 RBs of cotton was sold for export during the week that ended 11/2. That was down from the MY high last week but was up from 146k RBs during the same week last year.
The Cotlook A Index for 11/7 was 130 points lower at 90.5 cents/lb. The AWP for cotton is 68.11 cents/lb, and will be updated Thursday. ICE Certified Stocks were 81,932 bales as of 11/06.
Dec 23 Cotton is at 76.42, up 153 points,
Mar 24 Cotton is at 79.14, up 144 points,
May 24 Cotton is at 80.06, up 97 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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