Morning Cotton Trade Working in Red

Cotton futures are trading 60 points off the overnight lows, but still down by 5 to 20 points this morning. After trading both sides of UNCH on Thursday, the cotton market ended the session in the black though by less than 50 points. May prices traded from -34 to +132 points on the day before closing with a spartan 3 point gain. May is still down by 173 points for the week to date. 

Export Sales data from the week that ended 3/14 showed 92,620 RBs of old crop cotton and 40.5k RBs of new crop was sold during the week that ended 3/14. That brought old crop commitments to 10.71m RBs, a 4% lag from last year’s pace, and new crop commitments to 99.5k RBs, still 27% behind last year's pace. 

The Seam had 2,064 bales sold online on 3/20 for an average gross price of 69.27 cents. The Cotlook A Index was 5 points weaker to 98.40 cents/lb. The AWP was revised 360 points lower to 72.50 cents per pound, in effect for farm program purposes through next Thursday. ICE certified stocks were shown at 41,756 bales as of 3/20.

 

May 24 Cotton  closed at 92.21, up 3 points, currently down 4 points

Jul 24 Cotton  closed at 92.26, up 14 points, currently down 7 points

Dec 24 Cotton  closed at 83.92, up 12 points, currently down 18 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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