Nearby cotton futures are keeping a tight range so far for the Thursday session, with midday quotes 3 to 15 points in the red.
The weekly FAS Export Sales report showed 23k RBs of cotton export sales for the week that ended 7/6. That was the weakest sale since net cancelations in December. New crop sales were shown at 51k RBs for a net forward book of 2.309 million. That is half the forward volume from the same time last season.
USDA confirmed the 11.09m planted area for the 23/24 cotton crop. Abandonment was cut by more for a net 120k acre increase in harvested area. The yield adjustment completely washed the acreage changes, for a 16.5m bale output. Usage fell by 250k bales in exports for a 3.8m bale carryout. USDA’s WAOB numbers saw a net global 23/24 carryout was 94.52 million - 1.73m looser than June.
The Cotlook A Index was back up by 255 points to 92.10 cents/lb on 7/12. The AWP is 65.50 cents/lb, and will be updated after the close. ICE certified stocks were 8,926 bales as of 7/10.
Dec 23 Cotton is at 81.64, down 1 points,
Mar 24 Cotton is at 81.69, down 4 points,
May 24 Cotton is at 81.73, down 4 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.
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