Cotton prices are working 10 to 40 points weaker ahead of the release of weekly Export Sales numbers by USDA. Nearby cotton futures were down by 10 to 183 points on Wednesday, with the more aggressive selling again in the old crop. Dec prices were held to within an 80 point range on the session.
USDA’s Ag Attache raised Brazil’s cotton production by 340k bales to 14.9 million, but cut carryout by 200k to 11 million. On net ending stocks were raised to 6.2m bales. The initial outlook for 24/25 cotton has area increasing to 1.87m HA and production up to 15.35 million.
NOAA’s updated 7-day QPF has rainfall in E. TX and N. LA amounting to as much as 1 3/4”. Northern MS/GA/AL will also get up to an inch over the week.
The Cotlook A Index was back down by 235 points to 95.60 cents/lb on 3/28. The AWP was 162 points weaker to 70.88 cents/lb. ICE certified stocks were 14k bales higher to 81,664 bales for 4/1.
May 24 Cotton closed at 88.98, down 183 points, currently down 46 points
Jul 24 Cotton closed at 90.18, down 153 points, currently down 44 points
Dec 24 Cotton closed at 84.1, down 20 points currently down 31 points
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