Cotton price action on Thursday failed to hold the early morning gains, as the dollar index provided some pressure. Futures closed with nearby losses of 17 to 27 points. The outside markets were mixed factors. Crude oil futures were up $1.51/barrel, with the US dollar index $0.881 higher on the day.
Export Sales data from Thursday morning indicated a total of 166,875 RB of cotton booked during the week ending on February 20, a 7-week low. That was down 46.59% from the previous week but well above the same week last year. Vietnam was the largest buyer to 43,000 RB, with another 31,100 RB sold to China. Export shipments were at 267,538 RB, a drop from last week’s MY high. That was still the second largest total we’ve seen so far this year. The top destination was Vietnam of 80,300 RB, with 52,700 RB to Pakistan.
USDA’s armchair estimates for the 2025 cotton crop were released in their annual Outlook Forum this morning, with acreage pegged at 10 million acres. That was in line with estimates and down from last year. The overall ending stocks projection was tallied at 4.8 million bales.
The Seam showed 122 bales in online sales on February 26, with an average price of 56.56 cents/lb. The Cotlook A Index was back down 50 points on 2/26 at 78.00 cents/lb. ICE cotton stocks were up 10,921 bales on Wednesday on new certified bales with the current level at 12,653 bales of certified stocks. The USDA cut back their Adjusted World Price (AWP) on Thursday afternoon by 78 points to 53.89 cents/lb.
Mar 25 Cotton closed at 65.2, down 17 points,
May 25 Cotton closed at 66.6, down 27 points,
Jul 25 Cotton closed at 67.68, down 19 points
Πηγή: barchart.com