Cotton prices are up 112 to 146 points so far on Friday morning. Futures faced pressure on the Thursday session, as contracts were down 42 to 55 points across most contracts. The US dollar index was up another 12 points on the day, as Crude oil was 82 cents/barrel higher.
USDA’s Export Sales report showed net reductions of 949,600 RB for 2024/25 in the week that ended on August 1. That was mainly due to cancellations of 603,200 RB to China, 372,200 RB to Pakistan and 111,800 RB to Vietnam on the shift to the new market year. Between forward sales and old crop carried over, there are 4.102 million RB in 2024/25 sales on the books. Actual shipments were reported at 738,075 MT for the old crop to round out the MY at 11.07 million RB.
The Seam reported online cash cotton sales of 2,266 bales at an average price of 66.91 cents/lb. ICE cotton stocks were down 270 bales on decertification on August 7, leaving 18,721 bales of cert stocks. The Cotlook A Index was down 40 points on August 7 at 78.70 cents/lb. The USDA Average World Price (AWP) was raised by 130 points on Thursday afternoon to 55.24 cents/lb and is good through next Thursday.
Dec 24 Cotton closed at 67.24, down 49 points, currently up 128 points
Mar 25 Cotton closed at 68.73, down 52 points, currently up 114 points
May 25 Cotton closed at 69.99, down 48 points, currently up 112 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
