Front month cotton futures fell by more than 3 cents on Thursday, which was enough to leave the December contract at a net 10 point loss for the week’s move.
Export Sales data from the week that ended 7/20 had 18,665 RBs of net cancelations for old crop cotton, via cancelations for Turkey. Accumulated old crop commitments were still 13.959m RBs as of 7/20, 11% behind last year’s pace. USDA reported 80.5k RBs of new crop cotton sales for a forward book of 2.476 million.
The Seam reported 2,544 bales were sold online on 7/26 for an average gross price of 76.21 cents. The Cotlook A Index increased by 180 points to 97.20 cents/lb for 7/26. The AWP was raised 356 points to 69.74 cents/lb.
Dec 23 Cotton closed at 84.38, down 355 points,
Mar 24 Cotton closed at 84.57, down 335 points,
May 24 Cotton closed at 84.55, down 301 points
Source: barchart.com