Cotton Falling Following Disappointing Export Sales Data
Cotton futures are down 97 to 109 points so far on Thursday, as nearby July is up 10 points on thin trade. The outside factors should be supportive, with the dollar index down 144 points and crude oil up 50 cents/barrel.
Export Sales data from this morning showed just 90,595 RB of cotton sold in the week that ended on June 20, an 11-week low. New crop sales were down to a 3-week low at 67,595 RB. Exports are starting to stall out, with the lowest weekly total reported since late November at 141,019 RB.
The ICE certified cotton stocks were down 48,750 bales on June 26 at 48,812 bales. The Cotlook A Index was up 175 points on June 26 at 85.20 cents/lb. The USDA Average World Price (AWP) was down another 67 points to 56.65 cents per pound last Thursday. It will be updated later today.
Jul 24 Cotton is at 72.7, up 10 points,
Dec 24 Cotton is at 74.3, down 104 points,
Mar 25 Cotton is at 75.64, down 111 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.