Cotton Pushing Back Higher on Thursday
Cotton futures are trading with 180 to 213 point gains on Thursday. The dollar index is back up 133 points, with crude oil futures $1.42/barrel lower.
Export Sales data showed cotton bookings at 106,801 RB in the week that ended on September 12. That was a 4-week low, but slightly above the same week last year. Vietnam was the buyer of 51,600 RB, with 24,500 MT sold to Pakistan. Export shipments were 130,049 RB, which was back up 9.16% from the previous year. Pakistan was the largest destination of 40,200 RB with 17,600RB headed to Vietnam.
The Seam reported 428 online cash cotton bale sales on September 18, averaging 61.65 cents/lb. ICE cotton stocks were unchanged on September 18, leaving 265 bales of cert stocks. The Cotlook A Index was back down 70 points on September 18 at 83.75 cents/lb. The USDA Adjusted World Price (AWP) was slashed by 127 points last week to 56 cents/lb. It will be updated later today.
Dec 24 Cotton is at 73.4, up 213 points,
Mar 25 Cotton is at 74.94, up 195 points,
May 25 Cotton is at 75.94, up 180 points
On the date of publication, Austin Schroeder 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.