The cotton market was the shining spot for the ag bulls on Friday, as contracts were up 9 to 81 points on the day. First Notice day for December was today. Crude oil was down $1.92/barrel on the day but the US dollar down 53 points gave support to the market.
This morning's Export Sales report showed 322,212 running bales of cotton sold during the week ending November 16th. That was a slight drop compared to the previous week. Â Export shipments were reported at the lowest since November 2021 at 77,869 RB.
USDA’s Cotton Classing report showed 6.741 million bales classed as of November 23, adding 1.102 million bales on the week. During the same week in 2022, year to date classings was at 7.434 million bales.Â
The Cotlook A Index was back up 25 points on November 23 at 90.90 cents/lb after a drop on the 22nd. The AWP for this week is 65.23 cents/lb, up a penny from the week prior. The Seam had sales of 1,143 cash bales traded on November 22 at an average price of 71.09 cents/lb, back up 1.43 cents vs. the previous day.Â
Dec 23 Cotton  closed at 80.39, up 81 points,
Mar 24 Cotton  closed at 80.99, up 9 points,
May 24 Cotton  closed at 81.69, up 24 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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