The cotton futures market closed the first trade day of the new month 36 to 132 points in the black. March futures had seen a 6.27 cent range during the month of January, and netted a 417 point gain. Conversely, Dec futures were up by 214 points during the month of Jan.
Weekly export demand for cotton came in at 349.4k RBs for the week that ended 1/25. That was a 69% increase wk/wk led by sales to China. Total old crop commitments sit at 9.86m RBs, which remains 4.3% ahead of last year’s pace. USDA reported a MY high for export shipments with nearly 400k RBs exported for the week, and set the season’s total shipment at 4.3m RBs. New crop sales were marked at 25.2k RBs for a cumulative book of 708k.
StoneX announced their estimate for Brazil’s 22/23 final cotton output as 3.33 MMT, which would be a 5% increase yr/yr.
The Cotlook A Index was 130 points lower to 93.55 cents/lb on 1/29. The Seam reported 8.2k bales were sold online for an average gross price of 77.36 cents/lb on 1/29. The AWP increased by 217 points to 67.64 cents for the week. ICE certified stocks were 999 bales as of 1/26.
Mar 24 Cotton closed at 86.49, up 132 points,
May 24 Cotton closed at 87.64, up 123 points,
Jul 24 Cotton closed at 88.25, up 112 points
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