Cotton Red at Midday

The midday cotton futures market is 44 to 66 points weaker. New crop prices are also red by 38 to 48 points so far for Thursday. 

Private firm IHS Markit estimates cotton acres will reach 11.834m for the 22/23 planting season. 11.7 of that is for upland cotton with 132k pima acres, which compare to old crop’s area of 11.7 and 128k. 

FAS data showed 391,338 RBs of cotton was sold for export during the week that ended 1/20. That was up 43% from last week and was 55% above the 4-week average. Sales from the same week last year were 322,713 RBs. The weekly report also showed 197,912 RBs of cotton was shipped during the week. That was down 28% from the same week last year. Cotton shipments trail last year’s pace by 44% through the first 25 weeks, but accumulated commitments are just 7% lower yr/yr. 

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 back up to 135.1 c/lb after a 50 point increase. The AWP for cotton is 110.44 cents, and will be updated after the close.

Mar 22 Cotton  is at 121.7, down 63 points,

May 22 Cotton  is at 119.44, down 48 points,

Dec 22 Cotton  is at 99, down 37 points