Cotton Dropping on Disappointing Export Sales

Cotton futures are giving back another triple digits after the limit gains on Tuesday. Futures are still a net 13.15 cents/lb higher for the month as Feb finishes out. New crop futures are 8 to 14 points in the red at midday, with Dec a net 262 points stronger for the month of Feb. 

USDA’s FAS reported 39,966 RBs of cotton was sold for export. That was a new MY low. Cotton exports were 267,115 RBs for the week, bringing the season total to 5.343 million. Commitments are now 0.5% behind last year’s pace with 10.477m RBs on the books. 

The Cotlook A Index for 2/28 was 370 points higher at 105.25 cents/lb. The Seam recorded 5,791 bales sold on 2/27 for an average price of 89.1 cents/lb. The AWP is 75.12 cents, and will be updated after the close. ICE certified stocks were 997 bales as of 2/21. 

May 24 Cotton  is at 99.22, down 186 points,

Jul 24 Cotton  is at 97.61, down 211 points,

Dec 24 Cotton  is at 84.07, down 21 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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