Thursday’s session ended with cotton futures 41 to 70 points weaker. The Seam reported 31,984 bales were sold on 1/26 for an average price of 113.75 cents. USDA’s Daily Spot Quotations report listed 32,854 bales of cotton as sold at spot in the 1/27 update. The Cotlook A index was back up to 135.1 c/lb after a 50 point increase. The new FSA AWP for cotton is 1.99 cents higher for the coming week at 112.43 cents/lb.
Private firm IHS Markit estimates cotton acres will reach 11.834m for the 22/23 planting season. Of that total, 11.7 million would be 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.
Mar 22 Cotton closed at 121.63, down 70 points,
May 22 Cotton closed at 119.36, down 56 points,
Dec 22 Cotton closed at 98.83, down 54 points
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