Cotton futures are trading 29 to 36 points weaker rolling into the day session. Bull spreading was in fashion on Thursday. Old crop cotton futures were 36 to 38 points higher on Thursday, while new crop prices were 5 points weaker at the close. That left the Mar-Dec spread at 461 points. March traded at the highest price for that contract since October 30.
USDA reported 207,044 RBs of cotton were sold for export in the week ending January 18. That was down from 42k RBs the week prior. Shipments for the week were shown at 142k RBs which was also below last week. The season’s total commitments were 9.513 million RBs, and remain 2.5% ahead of last year’s pace.
The Seam confirmed another 9,737 bales were sold on 1/23 for an average gross price of 72.14 cents/lb. The Cotlook A Index increased another 65 points on 1/23 to 94 cents/lb. ICE certified stocks were 1,949 bales as of 1/19. The AWP increased by 217 points to 67.64 cents for the week.
Mar 24 Cotton closed at 85.76, up 36 points, currently down 36 points
May 24 Cotton closed at 86.98, up 38 points, currently down 34 points
Jul 24 Cotton closed at 87.59, up 38 points, currently down 29 points
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