Thursday’s cotton trading session left the board up by triple digits. For old crop, that was near the high for the day. March traded in a 243 point range, and closed 129 points higher. New crop cotton closed 85 to 108 points in the black as Dec continues to print new highs.
USDA’s FAS reported cotton bookings from the week that ended 1/27 at 332,098 RBs. New crop bookings were also 315,120 RBs, which was the largest combined sale (not counting MY rolls) since June 2012. China was the largest buyer for old crop on the week, and Bangladesh was the largest new crop buyer from the week. Weekly shipments were a 35-week high 302,135 RBs, bringing the MY total to 3.9m RBs. That is 42% behind last season’s shipping pace, though commitments are only down 6% yr/yr at 11.99m RBs.
USDA’s Daily Spot Quotations report mentioned another 8,335 bales were sold in the 2/3 update. The Cotlook A index was 141.1 cents/lb on 2/2, firm with yesterday. USDA’s FSA raised the AWP for cotton by 367 points to 116.10 cents/lb.
Mar 22 Cotton closed at 127.62, up 129 points,
May 22 Cotton closed at 124.73, up 170 points,
Dec 22 Cotton closed at 103.88, up 93 points
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