The old to new crop spread is continuing to tighten through Friday’s midday. Old crop futures are down 14 to 55 points, with new crop up by as much as 134. The cash average price for cotton was a penny higher to 91 cents/lb.
USDA left domestic cotton S&Ds UNCH from March, leaving the Stx/Use ratio at 20.2%. Globally, cotton use was reduced and stocks were 810k bales higher than March at 83.38 million. USDA did trim back both Brazil and Indian cotton exports, with China seen bringing in 500k bales fewer than estimated in March. The global cotton stocks to use ratio is 49.1%.
The Cotlook A index was 165 points weaker to 152.30 cents/lb on 4/7. The Seam reported 16,855 bales were sold online on 4/5 for an average gross price of $1.25 73/100. USDA’s AWP for cotton was 47 points weaker to 103.42 for the week.
May 22 Cotton is at 132.73, down 47 points,
Jul 22 Cotton is at 131.3, down 10 points,
Dec 22 Cotton is at 115.25, up 56 points
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