Cotton prices are showing 58 to 67 point losses across the front months on Friday AM. Futures had a delayed response to the Export Sales data, but ended the Thursday session with losses of 16 to 33 points. The dollar index was back down 324 points, with crude oil futures down another $2.19/barrel to provide some outside pressure.
Export Sales data showed cotton bookings of 87,784 RB in the week ending on 9/19, a MY low. Turkey was the largest buyer of 31,500 RB, with 31,100 RB sold to Pakistan. Shipments also totaled a MY low of just 79,504 RB. Pakistan was the top destination of 18,100 RB, as 12,200 RB was headed to India, with 9,100 RB to China. Export Commitments are now 4.959 million RB, which is a multi-year low for the current week. That is now 45% of the USDA export projection compared to the 56% average sales pace for the current week.
Hurricane Helene made landfall as a category 4 in Florida overnight and is now a Tropical Storm. Harvest will likely be stopped in areas that run from Alabama, Georgia, Florida, up through the western parts of the Carolinas, and into TN/KY.
The Seam reported 1,895 online cash cotton bale sales on Wednesday, averaging 70.26 cents/lb. ICE cotton stocks were unchanged on September 25, leaving 265 bales of certified stocks. The Cotlook A Index was up 75 points on September 25 at 85.80 cents/lb. The USDA Adjusted World Price (AWP) was raised by 223 points last Thursday to 61.06 cents/lb this afternoon.
Dec 24 Cotton closed at 73.02, down 18 points, currently down 65 points
Mar 25 Cotton closed at 74.77, down 23 points, currently down 58 points
May 25 Cotton closed at 75.87, down 25 points, currently down 56 points
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