U.S. 2012-13 export commitments totaled about 105% of the USDA estimate and shipments about 96%.
Cotton futures rallied from an early morning dip to finish with modest gains Thursday as light dealings persisted.
Benchmark December closed up 25 points to 85.99 cents, trading within a 138-point range from down 77 points at 84.97 to up 61 points at 86.35 cents. It bounced from a test of the prior-dayΆs inside-range low to top WednesdayΆs high and close near the upper quarter of the dayΆs trading span.
Thinly traded October eked out a three-point gain to 86.19 cents and March edged up eight points to 84.26 cents.
Volume totaled an estimated 12,500 lots, against 12,384 lots the previous session when spreads totaled 2,812 lots or 23% and EFP 10 lots. Options volume increased to 13,076 lots — 6,190 calls and 6,886 puts — from 6,688 lots.
Net U.S. all-cotton export sales for shipment in the limited time remaining in this marketing year of 37,300 running bales during the week ended July 18 lifted 2013-14 commitments to 13.594 million RB.
This widened the lead over commitments a year ago by 28,000 bales to 946,000 and was about 105% of USDAΆs July estimate. A year ago, commitments were about 111% of final shipments.
All-cotton shipments of 131,700 running bales boosted the total for the season to 12.425 million, up 1.451 million RB from a year ago. Exports amounted to about 96% of the forecast, compared with about 97% of final shipments at the corresponding point last season.
With 13 days left in the marketing year, roughly 476,000 running bales remained to be shipped to reach the USDA projection.
Net all-cotton sales of 100,200 running bales for shipment next season boosted 2013-14 commitments to 2.245 million RB. This widened the gap behind year-ago forward bookings to 482,000 RB.
Commitments for 2013-14 totaled about 21% of the USDA forecast, about the same percentage that year-ago forward sales were of the current estimate for 2012-13.
Futures open interest increased 575 lots Wednesday to 165,035, with DecemberΆs up 240 lots to 142,673 and MarchΆs up 310 to 15,463.
Certificated stocks continued to decline, dropping 18,301 bales to 233,883. There were 40 newly certified bales, 18,341 bales decertified and no cotton awaiting review.
World values as measured by the Cotlook A Index held steady at 93.20 cents Thursday morning. The index premium to WednesdayΆs December futures settlement narrowed seven points to 7.46 cents.
