Cotton futures are 12 to 70 points lower coming into the weekly Export Sales reports, fading yesterday’s gains. Front month cotton futures were triple digits stronger on Wednesday, recovering 116 to 148 points. The new crop market settled 45 to 53 points higher on Wednesday, with Dec just 1 point under the life of contract high set last Thursday. Spot crude oil futures briefly traded at the highest price level since October 2014 overnight, $87.95 per barrel.
The Seam reported 27,132 bales were sold on 1/25 for an average price of 112.99 cents. USDA’s Daily Spot Quotations report had sales of 27,950 bales listed in the 1/26 update. MYTD cotton spot sales were listed as 1.147m bales. The Cotlook A index was down by another 20 points to 134.60 cents/lb. The AWP for cotton is 110.44 cents, and will be updated after the close.
Mar 22 Cotton closed at 122.33, up 141 points, down 70 this morning
May 22 Cotton closed at 119.92, up 148 points, down 65 this morning
Dec 22 Cotton closed at 99.37, up 53 points, down 12 this morning
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