Cotton prices are starting August with 53 to 90 point losses on Thursday. The outside markets are not providing any support, with crude oil down 81 cents/barrel and the dollar index up 366 points. 

USDA’s weekly Export Sales report indicated a massive 1.09 million RB of old crop upland cotton net reductions to sales in the week that ended on July 25. That large drop was likely switched to new crop with net sales of 1.36 million RB with just 1 reporting week left in the 23/24 MY. Much of the cancellations were for China at 597,300 RB and net sales for 650,100 RB for new crop. Pakistan cancelled 369,100 RB for old and sales of 419,800 RB for new, with Vietnam reducing 126,100 RB for 23/24 and sales of 215,200 RB in 24/25. Shipments during that week totaled 129,929 RB, down just slightly from the week previous.

The Seam reported online cash cotton sales of 1,501 bales at an average price of 69.4 cents. ICE cotton stocks were down 1,982 bales on decertification on July 31, leaving 26,763 bales of cert stocks. The Cotlook A Index was up 25 points on July 31 at 79.85 cents/lb. Last week, the USDA Average World Price (AWP) was cut by 140 points to 55.02 cents/lb, and is in effect through today.

Dec 24 Cotton  is at 68.12, down 87 points,

Mar 25 Cotton  is at 69.74, down 93 points,

May 25 Cotton  is at 70.95, down 98 points