Cotton futures are posting 114 to 145 point gains so far on Thursday. The dollar index is up 270 points at 101.26 to add a little pressure. Crude oil futures are up $1.15/barrel to add support via the synthetic market.
Export Sales data showed 135,187 RB in upland cotton sales during the week that ended on August 22, a MY high so far in the short marketing year. Much of that was to Pakistan, with sales of 74,500 RB, with India next up at 17,800 RB. New crop sales were just 704 RB, all to Japan. Shipments totaled 144,248 RB during that week, which was down 14.56% from the week prior. The top destination was China at 29,200 RB, with Vietnam at 21,900 RB.
The Seam reported online cash sales of just 494 bales at an average price of 59.65 cents on Tuesday. ICE cotton stocks unchanged on August 28, leaving just 266 bales of cert stocks. The Cotlook A Index was back up 30 points on August 28 at 81.45 cents/lb. The USDA Average World Price (AWP) is 55.90 cents/lb for the week through Thursday, up 55 points from the week prior and will be updated later today.
Dec 24 Cotton is at 70, up 145 points,
Mar 25 Cotton is at 71.55, up 135 points,
May 25 Cotton is at 72.79, up 134 points
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