Thursday cotton futures are rallying triple digits through midday after the fade stalled near the 100-day MA. December is up 271 points through midday after the large bookings reported by the FAS.
USDA’s FAS reported weekly cotton sales of 1.909m RBs from the week that ended 8/18. That was up from 245k RBs during the same week last year. Outstanding new crop cotton commitments were 8.73m RBs. USDA reported 4.7k RBs were shipped, bringing the accumulated total to 453.4k RBs.
The Cotlook A Index (old crop) was 2 cents weaker on 8/24 to 130.50 cents/lb. USDA’s AWP for cotton is 101.90 cents/lb through Thursday.
Oct 22 Cotton is at 117.57, up 131 points,
Dec 22 Cotton is at 116.65, up 258 points,
Mar 23 Cotton is at 113.3, up 229 points