Cotton Falling to Round Out Week
Cotton futures are 65 to 143 points so far at midday. The outside factors are trying to be supportive but ignored, with crude oil 8 cents/barrel, as the dollar index is down 387 another 392 points.
Export Sales data from this morning showed an improvement in old crop cotton sales during the week that ended on June 27 to 115,352 RB. Sales of 63,600 RB were reported to China, with 27,600 RB to Vietnam. New crop was listed at 56,897 RB, with 30,800 RB to China. Export shipments were tallied at 175,798 RB, up 24.66% from the week prior. China was the top destination as well, at 62,200 RB, with 27,600 RB sold to Turkey.
ICE certified cotton stocks were down just 1 bale on decerts, to 53,790 bales on July 3. The Cotlook A Index was down 25 points on July 4 at 82.75 cents/lb. The USDA Average World Price (AWP) was cut by 43 points this week to 57.80 cents/lb on Friday morning. It is effective through next Thursday.
Jul 24 Cotton is at 68.68, down 65 points,
Dec 24 Cotton is at 71.32, down 138 points,
Mar 25 Cotton is at 72.96, down 143 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.