Cotton Rallying Despite Weaker Export Sales Data

The cotton market is trading with 131 to 176 point gains on Thursday’s midday. The outside market factors are a mixed bag, with crude oil up another 48 cents and the US dollar index back 113 points higher.

USDA’s Export Sales report showed a 38.32% wk/wk drop in old crop sales to 156,450 RB in the week that ended on May 9. That was still up 18.13% from the same week last year, as Chinese led the way with 63,600 RB in sales. New crop sales totaled 140,603 RB, a slight decline from last week. El Salvador was the buyer of 90,800 RB of that total. Export shipments were tallied at 238,755 RB, 4.36% lower than the week prior. The top destination was China, with 85,000 RB headed that way, as 39,900 RB was shipped to Turkey.

ICE certified cotton stocks rose another 13,135 bales on May 15 at 182,870 bales. The Seam reported 647 bales sold on the platform on 5/15, with an average price of 68.01 cents/lb. The Cotlook A Index was back down 165 points on May 15 at 84.20 cents/lb. The AWP dropped another 91 points to 59.64 last Thursday will be updated later today.

Jul 24 Cotton  is at 77, up 159 points,

Dec 24 Cotton  is at 75.56, up 127 points,

Mar 25 Cotton  is at 77.16, up 131 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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