Profit taking into the weekend has front month cotton futures dropping through midday. The old crop contracts are down by as much as 127 points, while new crop is tightening the spread with 20 to 50 point losses on Friday.
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 Cotlook A Index increased another back up by 65 points on 1/25 to 94.45 cents. The Seam confirmed another 9,737 bales were sold on 1/23 for an average gross price of 72.14 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 is at 84.59, down 117 points,
May 24 Cotton is at 85.79, down 119 points,
Jul 24 Cotton is at 86.51, down 108 points
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