Cotton Ends Steady to Lower

After initial report response buying, front month cotton futures fell back in the afternoon and closed within 12 points of UNCH. New crop cotton yield was cut to 910 lbs/acre. USDA revised new crop production 1.02 m bales lower as well, to 17.06m bales. USDA also lowered new crop stocks to 7.2m bales on the crop reduction. After some demand cuts, the Stx/Use ratio fell back 1.9% from August to 42.1%. USDA did maintain the average farm price of new crop cotton of 59 cents/lb. The first half of Sept cotton ginnings were down 20% yr/yr at 287,750 RBs. USDA’s Export Sales report had cotton bookings at 126,671 RBs for the week ending 9/3. New crop exports total 1.482m RBs through the first 5 weeks of the MY, which is an all-time record. Of the accumulated shipments, China has been the destination for 51%. Cotton spec traders reduced their CFTC net long 13% this week to 53,231 contracts, via long liquidation. The short week’s sales on The Seam were up to 11,196 bales through Thursday. The Cotlook A index for Sept 9 was 10 points higher to 69.90 cents/lb. The new AWP for cotton is 49.77 cents/lb, with a 2.23 cent LDP.

Oct 20 Cotton closed at 64.06, up 10 points,

Dec 20 Cotton closed at 64.81, unch

Mar 21 Cotton closed at 65.78, down 4 points

May 21 Cotton closed at 66.56, down 7 points

--- provided by Brugler Marketing & Management




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