Midday Cotton Futures Board Red

So far for the Thursday trading session, cotton prices are 57 to 103 points weaker. That pullback follows new LOC highs printed yesterday. New crop prices also set new LOC highs on Wednesday, and are trading 52 to 65 points weaker through midday. 

Export Sales data released this morning showed a 15-week high for cotton bookings. The 400,985 RBs sold was also 23% above the same week last year, led by China having booked 139k RBs. USDA also reported 38,280 RBs of new crop sales, which now has a 3-yr high 1.152m RBs on the books. USDA reduced exports by 500k bales in their monthly forecast yesterday.

USDA’s Monthly WASDE report saw 30k additional planted acres and 50k additional harvested acres for cotton. The yield was reduced by 36 lbs/acre to 849, leaving production 660k bales lighter at 17.62 million. Of that 200k was reflected in carryout which was reduced to 3.2m bales. 

The Seam reported 23,215 bales were sold on 1/11 for an average 109.53 cents. USDA’s Daily Spot Quotations report showed 25,038 bales of upland cotton was sold in their 1/12 update. The Cotlook A index for 1/11 was another 90 points stronger at 129.55 c/lb. The AWP for cotton is 103.85 c/lb.

Mar 22 Cotton  is at 116.46, down 118 points,

May 22 Cotton  is at 114.15, down 83 points,

Dec 22 Cotton  is at 95.62, down 72 points