Cotton Edges Up to 13-Session High Finish
Weekly all-cotton export sales reached a marketing year high of 210,300 running bales, while combined upland-Pima shipments fell to a crop year low of 61,000 RB. Commitments trailed year-ago bookings by 34%.
U.S. cotton futures settled modestly ahead Thursday, extending a string of higher closes to four in a row and settling above last weekΆs high at a 13-session high finish in most-active March.
March settled up 18 points to 63.12 cents, just above the midpoint of its 56-point range from down 15 points at 62.79 to up 41 points at 63.35 cents. It was the highest close in March since Nov. 2 when it finished at 63.13 cents.
December, with only one trading session now left prior to first notice day, edged up six points to close at 61.58 cents, near the low of its 70-point range from 61.52 to 62.22 cents.
Volume was estimated at 22,827 lots, up slightly from 22,455 lots the previous session when spreads accounted for 11,445 lots or 51% and EFP 123 lots. Options volume totaled 3,116 calls and 1,305 puts.
Net U.S. all-cotton export sales for shipment this season of 210,300 running bales during the week ended Nov. 12, up from 135,800 RB the previous week, brought 2015-16 commitments to 4.171 million RB.
The combined upland-Pima weekly sales narrowly eclipsed the prior crop year high of 209,900 RB in the week ended Oct. 1.
Upland net sales of 194,400 RB, up 52% from the prior week and 74% from the four-week average, were the second largest of the crop year. Pima or extra-long staple sales hit a marketing year high of 15,900 RB, up from 7,900 RB the week before.
Commitments — outstanding sales of 2.62 million RB plus shipments — still trailed year-ago bookings by 2.151 million RB or by 34%. Bookings were 42% of the USDA export forecast, compared with 58% of final 2014-15 shipments a year ago.
All-cotton shipments fell to a marketing year low of 61,000 RB, down from 76,000 RB the prior week. Still, exports for the season of 1.55 million RB exceeded year-ago exports by 223,000 RB.
Shipments for the season were 16% of the USDA projection, compared with 12% of final 2014-15 exports at the corresponding point last year.
Upland sales for shipment next season of 5,300 RB, up from 1,100 RB the previous week, hiked 2016-17 commitments to 598,500 RB. A year ago, forward bookings totaled 495,000 RB.
U.S. futures open interest declined 980 lots Wednesday to 175,417, with DecemberΆs down 4,982 lots to 7,729 and MarchΆs up 3,557 lots to 129,880.
Certificated stocks grew 1,012 bales to 55,859. There were 1,100 newly certified bales, 88 bales decertified and 2,022 bales awaiting review. Stocks in deliverable position a year ago were 23,745 bales.
World cotton futures settled up 14 points to 71.56 cents Thursday in the May contract, narrowing the premium over the U.S. May futures settlement by eight points to 7.69 cents. Volume totaled 37 lots.
