U.S. upland export commitments for 2015-16 of 4.972 million running bales trailed year-ago sales by 33%. Upland shipments 2.115 million amounted to 23% of the USDA forecast.
U.S. cotton futures finished the last trading day of 2015 in the red Thursday, settling at a five-session low close but ahead for the year.
Spot March settled down 69 points to 63.28 cents, in the lower third of its 86-point range from down six points at 63.91 cents — posted on the overnight opening — to down 92 points at 63.05 cents.
March dropped 38 points for the week but gained 64 points or 1% for the week and 301 points or 5% for the year on a spot contract basis.
May closed down 60 points at 64.11 cents, while December 2016 dipped 38 points for the day but finished flat for the month on a settlement at 64.72 cents.
Volume increased to an estimated 18,666 lots from 8,059 lots the previous session when spreads accounted for 2,169 lots or 27%, EFP 46 lots and EFS 45 lots. Options volume rose to 4,576 lots — 3,390 calls and 1,186 puts.
The market ticked downward on the heels of the U.S. weekly export sales-shipments report, even though sales came in at the upper end of the range of some expectations.
Net U.S. all-cotton export sales for shipment this season of 114,300 running bales during the week ended Dec. 24, down from 130,000 RB the previous week, brought 2015-16 commitments to 5.174 million RB.
The gap behind commitments a year ago narrowed slightly to 2.337 million RB or 31%. Commitments amounted to 53% of the USDA export forecast, compared with 69% of final 2014-15 exports at the corresponding point last season.
Upland commitments of 4.972 million RB, down 33% from 7.37 million RB a year ago, were 54% of projected upland exports, compared with the five-year average of 82%. The upland export projection is 9.22 million RB.
All-cotton shipments of 166,500 RB, up from the previous weekΆs 137,500 RB, boosted the total for the season to 2.267 million RB, 51,000 RB behind exports a year ago. Upland shipments of 2.115 million RB lagged year-ago exports by 126,000 RB or by 6%.
Upland shipments for the season were 23% of the USDA forecast, compared with 21% of final exports a year ago and 26% for the five-year average for this point in the marketing year.
To achieve the USDA estimate, all-cotton shipments need to average roughly 239,800 RB, while combined upland-Pima sales averaging around 146,000 RB would match the export projection.
Upland sales for shipment next season of 9,100 RB, down from 36,900 the week before, hiked 2016-17 commitments to 741,300 RB. New-crop commitments were 179,600 RB ahead of forward bookings a year ago.
Futures open interest grew 1,762 lots Wednesday to 185,152, with MarchΆs up 1,190 lots to 124,780 and MayΆs up 280 lots to 31,751. Cert stocks were unchanged at 64,340 bales.
