Futures rallied off their early session lows, but ended the day less than 11 points in the black on Thursday. The December contract saw a wide 207 point range on the day. December is still at a net 44 point gain for the week’s trading. The Dollar Index was lower on Thursday, but spent time on both sides of UNCH and is still up 2.894 from the low on July 13th @ 102.35.
NOAA’s 7-day QPF has rainfall for AL and GA amounting to pockets of +3”. Texas (largest cotton production state) and OK will remain mostly dry through the week.
USDA reported 9,912 RBs of net cancelations for old crop cotton export business for the week that ended 7/27. That left total commitments at 13.95m RBs – an 11% lag yr/yr. The marketing year ends July 31, which is next week for the Export Sales report. The weekly report also included 33,936 RBs for new crop, taking total forward sales to 2.51 million RBs. That remains 48% behind last year’s pace.
The Cotlook A Index was 150 points stronger to 97.25 cents/lb on 8/2. The FSA raised the Adjusted World Price for cotton by 45 points to 70.19 cents/lb. ICE Certified Stocks were reported at 560 bales for 8/2.
Dec 23 Cotton closed at 84.7, up 11 points,
Mar 24 Cotton closed at 84.81, up 6 points,
May 24 Cotton closed at 84.88, up 1 point
Πηγή: barchart.com