Cotton prices are down 108 to 160 points at midday, after shipment data was soft in this morning’s Export Sales report. Outside factors are showing crude oil down 53 cents/barrel, with the US dollar index down 68 points.
Export Sales data showed a 9.71% increase in cotton bookings during the week of May 23 at 222,632 RB. That was also a 3-week high, with China purchasing 191,900 RB. New crop sales were an improvement over last week by 63.15% at 78,102 RB. Shipments were an 18-week low at 172,195 RB. Exports to China were the lowest since November at 52,540 RB.
CFTC’s Cotton On-Call report showed a 3,331 contract drop to the unfixed call sales position as of 5/24 at 10,438. The total unfixed call sales position was up 86 contracts at 50,994 contracts. Unfixed call purchases were up 2,952 contracts to 80,831 in total.
ICE certified cotton stocks were down another 10,033 bales on May 30 at 123,415 bales. The Cotlook A Index was down another 120 points on May 30 at 90.10 cents/lb. The USDA Average World Price (AWP) was raised 429 points to 64.37 cents/lb and will be in effect until next Thursday.
Jul 24 Cotton is at 76.33, down 143 points,
Dec 24 Cotton is at 74.98, down 153 points,
Mar 25 Cotton is at 76.72, down 157 points
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