Expanded Limit Recovery for Cotton

After a rough go of things since the May high, the cotton market has just 5 green candles since June 17. Currently headed for the weekend, the board is back up by the limited 500 points. 

Weekly Export Sales data showed a MY low 10,167 RB of upland cotton sold for old crop in the week of July 7. New crop sales were tallied at 139,277 RB, a 5-week low. Turkey was the lead buyer of 73,800 RB. Shipments of upland were 312,703 RB, the lowest total since February 3, as we near the end of the MY. Of the total, 74,000RB were headed to China and 64,800 RB to Turkey.

The Cotlook A Index was another 320 points weaker to 126.55 cents/lb. USDA’s AWP for cotton for the next week is 109.10 cents/lb, down 427 points from the previous week. 

Oct 22 Cotton is at 95.97, up 456 points,

Dec 22 Cotton is at 88.71, up 500 points,

Mar 23 Cotton  is at 84.85, up 500 points