U.S. export commitments for 2013-14 reached 3.746 million running bales, about 36% of the USDA estimate. Shipments totaled almost 9% of the forecast, against about 6% a year ago.
Cotton futures finished on the weekΆs high close Friday on the back of the largest U.S. weekly export sales in 13 weeks.
Benchmark December raced to the session high after USDA released the weekly export sales data and settled at 83.21 cents, in the upper half of its 168-point range from down five points at 82.25 to up 163 points at 83.93 cents. It settled above the high of the prior day.
October closed up 84 points to 83.24 cents and March up 70 points to 82.59 cents. For the week, the market dipped 46 points in October, 28 points in December and 15 points in March.
Volume slipped to an estimated 13,900 lots from 15,057 lots the previous session when spreads accounted for 4,173 lots or 28% and EFP for 40 lots. Options volume totaled 3,297 calls and 2,034 puts.
Net U.S. all-cotton export sales for shipment this season of 173,300 running bales during the week ended Aug. 29 boosted 2013-14 commitments to 3.746 million RB.
These were the largest weekly sales since May 30 for either the old-crop or the 2013-14 marketing years, not counting rollovers of unshipped sales from the 2012-13 season ended July 31. The sales were above most expectations and came amid oversold momentum readings.
Commitments climbed to 3.746 million running bales, narrowing the margin behind cumulative bookings a year ago to 933,900 bales or 20%. Cumulative sales were about 36% of the USDA estimate, against about 37% of the current 2012-13 estimate at the corresponding point last season.
Slower all-cotton shipments of 128,100 running bales brought exports for the season to 902,400 bales, narrowing the lead over exports a year ago by 98,200 bales to 166,900. Exports reached nearly 9% of the estimate, compared with almost 6% a year ago.
To achieve the forecast, shipments need to average roughly 199,500 running bales a week and sales around 139,100 bales.
Meanwhile, the average of the five lowest-priced world growths for the Far East fell 110 points to 87.90 cents during the week ended Thursday, according to USDA, while lowest-quoted U.S. cotton for that destination dropped 104 points to 92.65 cents.
The difference thus widened six points to 4.75 cents. The adjusted world price for the week ahead is 67.66 cents, USDA announced, down from 68.76 cents this past week. Fine count adjustments slipped 20 points to 0.62 of a cent for the 2013 crop and 0.47-cent for the 2012 crop.
Futures open interest fell 2,933 lots Thursday to 170,339, the 12th consecutive decline, with DecemberΆs down 3,233 lots to 121,128 and MarchΆs up 164 lots to 36,833. Certificated stocks edged up a bale to 18,230. There were 1,383 bales awaiting review.
World values as measured by the Cotlook A Index dipped 40 points Friday morning to 88.35 cents. The premium to ThursdayΆs December futures settlement widened five points to 6.05 cents. For the week, the index fell 80 points.
