Cotton prices are showing 89 to 106 point gains across most contracts. The US dollar index is down 82 points on the day, as Crude oil is 71 cents/barrel higher.
USDA’s Export Sales report showed net reductions of 949,600 RB for 2024/25 in the week that ended on August 1. That was mainly due to cancellations of 603,200 RB to China, 372,200 RB to Pakistan and 111,800 RB to Vietnam on the shift to the new market year. Between forward sales and old crop carried over, there are 4.102 million RB in 2024/25 sales on the books. That is already 38% of the total USDA estimate, behind the 48% average pace.
ICE cotton stocks were unchanged on August 7, leaving 18,721 bales of cert stocks. The Cotlook A Index was up 50 points on August 8 at 79.20 cents/lb. The USDA Average World Price (AWP) was raised by 130 points on Thursday afternoon to 55.24 cents/lb and is good through next Thursday.
Dec 24 Cotton is at 68.3, up 106 points,
Mar 25 Cotton is at 69.65, up 92 points,
May 25 Cotton is at 70.88, up 89 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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