Cotton prices continue their slide through the midweek session, with losses of as much as a limited 4 cents by October ’23. The December new crop contract is down 213 points at midday, with Dec ’23 trading 145 points lower to 74.5 cents/lb.
USDA’s WASDE report made no adjustments to old crop cotton in their July WASDE. For new crop, USDA’s higher planted acreage also came with a higher abandonment for an overall 590k acre loss. Yield was raised by 3 points to 870/acre and a net 1m bale loss. Exports for new crop were also trimmed by 500k bales to 14 flat, now 750,000 below 21/22. Old crop stocks were then 500k bales tighter and at 2.4m a full 1 million below old crop’s estimate.
International cotton production for 22/23 was upped by 1.1m bales to 84.04 million. That mostly flowed through to carryout.
The Cotlook A Index was back up by 320 points to 132.20 cents. USDA’s AWP for cotton for the week is 113.37 cents/lb. ICE certified stocks were 944 bales higher to 18,660.
Oct 22 Cotton is at 96.92, down 152 points,
Dec 22 Cotton is at 88.82, down 202 points,
Mar 23 Cotton is at 84.96, down 172 points
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