Cotton Red Thursday Morning

Overnight cotton trading led the board another triple digits lower, but prices began to firm through the morning. Currently the front month cotton futures are 58 to 93 points lower. July cotton futures gave back the full 6 cent allowed limit on Thursday, in the process tallying the 24th triple digit move in the past 34 sessions. New crop prices were also down 243 to 334 points on the volatile pullback. 

Weekly FAS data had 223,356 RBs of old crop cotton sold for export during the week of 4/28. That was nearly double last week’s volume and compares to 63.6k RBs during the same week last year. New crop bookings were 93,174 RBs, also above last week and the same week last year. Total forward sales were pegged at 2.94m RBs as of 4/28, 69% above last year’s pace. 

The online cotton trading platform, The Seam, reported 1,579 bales were sold for an average 141.69 cents/lb on 5/4. The Cotlook A index was down by 60 points on 5/4 to 168.70 cents. USDA’s AWP was 8.5 cents higher to 147.1 cents/lb. 

Jul 22 Cotton  closed at 148.76, down 600 points, currently down 65 points

Dec 22 Cotton  closed at 126.44, down 334 points, currently down 93 points

Mar 23 Cotton  closed at 120.66, down 300 points, currently down 88 points