Cotton prices closed 150 to 161 points in the red to round out the week and the month, after shipment data was soft in this morning’s Export Sales report. Outside factors are showing crude oil down 74 cents/barrel, with the US dollar index down 88 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.
Commitment of Traders data did show short covering in the week that ended on May 28, with specs trimming 10,607 contracts from their net short position. They took it to 12,765 contracts as of May 28.
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 closed at 76.15, down 161 points,
Dec 24 Cotton closed at 75.11, down 140 points,
Mar 25 Cotton closed at 76.79, down 150 points
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