Cotton prices down 97 to 121 points so far at midday. Outside factors are pressuring things with the US dollar index up a modest 150 points. Crude oil is down $2.09 per barrel to add some pressure via the synthetic fiber market.
Forecast rains over the southeast US this next week, as well as much of TX are adding to pressure at the end of the week.
US Cotton export sales commitments are now 13.019 million RB, which is 119% of the USDA forecast and 3% above the 5-year average pace. Actual shipments are 10.07 million RB for the marketing year, which is nearing it’s end. That is 92% of the USDA projection, when we’d normally be 94% by now.
ICE cotton stocks were unchanged on July 17, leaving 41,122 bales of certified stocks. The Cotlook A Index was back up 65 points on July 18 at 82.35 cents/lb. The USDA Average World Price (AWP) was raised 34 points on Thursday to 56.42 cents/lb. It is in effect Friday through next Thursday.
Dec 24 Cotton is at 70.78, down 115 points,
Mar 25 Cotton is at 72.71, down 105 points,
May 25 Cotton is at 74.1, down 97 points
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