Triple Digit Weakness in Cotton Prices

Cotton futures are trading with 78 to 128 point weakness through the front months as of Thursday’s midday. The relief rally from Friday through Monday met some technical resistance and the board has remained locked at the contested decision points. 

USDA’s FAS reported 54,100 RBs of old crop cotton was sold for export during the week that ended 7/14. Vietnam bought 64k RBs, though Pakistan canceled 13.5k. Export shipments were 330,800 RBs for the week. For new crop, USDA reported 113,200 RBs were sold. The top buyers were again Vietnam and Turkey.  

The 7/20 Cotlook A Index (old crop) drifted 70 points weaker to 129.30 cents/lb. USDA’s AWP for cotton is 109.10 cents/lb, but will be updated after the close.  

Oct 22 Cotton is at 99.1, down 128 points,

Dec 22 Cotton is at 91.6, down 121 points,

Mar 23 Cotton is at 87.87, down 103 points