U.S. export commitments stand at 42% of the USDA forecast and shipments about 15%. Commitments trailed year-ago bookings by 1.448 million bales.
Cotton futures extended steep losses on what some viewed as mainly a continuation of long liquidation Thursday, finishing at a new nine-month-plus low in a second day of hefty dealings.
Spot December shed 148 points to settle at 79.21 cents, in the lower quarter of its 209-point range from up 16 points at 80.08 cents to down 193 points at 78.76 cents. It set the dayΆs range in early morning and settled at its lowest close since Jan. 18.
March lost 147 points to close at 80.80 cents, trading from up five points at 82.32 to down 172 points at 80.55 cents. December has lost 800 points or 9.2% this month. At the low, December was down 902 points or 10.3% from the October high.
Volume was estimated at 34,900 lots, against 38,840 lots the previous session when spreads accounted for 13,489 lots or 35% and EFP for 879 lots. Options volume totaled 10,508 calls and 8,944 puts.
Net U.S. all-cotton export sales for shipment this season of 69,400 running bales during the week ended Oct. 3, down from 117,300 bales the previous week, lifted 2013-14 commitments to 4.281 million RB.
Upland net sales of 44,000 running bales, an eight-week low, reflected gross sales of 116,800 bales and cancellations of 72,800 bales.
Commitments were 1.448 million bales or about 25% behind year-ago bookings and totaled about 42% of USDAΆs export forecast. A year ago, commitments were about 45% of final exports.
Sales of upland and Pima combined need to average roughly 138,300 running bales a week to match the USDA export projection.
All-cotton shipments of 133,700 running bales, up from 108,200 bales the previous week, boosted exports for the season to 1.512 million RB. Exports trailed year-ago shipments by about 92,000 RB or nearly 6%.
Exports were about 15% of the marketing year forecast, compared with almost 13% of final 2012-13 shipments at the corresponding point last season. U.S. shipments are expected to account for 27% of world trade, equal to the average of the last two seasons.
To achieve the export forecast, all-cotton shipments need to average around 109,000 running bales a week.
Futures open interest fell 1,495 lots Wednesday to 200,869, with DecemberΆs down 1,992 lots to 111,301 and MarchΆs up 2,037 lots to 67,239.
Certificated stocks grew 7,592 bales to 102,093, reflecting 7,621 newly certified bales and decertification of 29 bales. Awaiting review were 42,573 bales, including 7,808 bales at Galveston, 12,042 bales at Greenville and 22,723 bales at Memphis.
World values as measured by the Cotlook A Index fell 145 points Thursday morning to 87.45 cents. The premium to WednesdayΆs December futures settlement widened 31 points to 6.76 cents.
