Cotton Mixed on Stronger Dollar

Following yesterday’s afternoon rally, cotton turned mixed overnight. The US dollar index is stronger for the fifth consecutive session. Prices are currently 5 lower to 6 higher. The afternoon buyback on Thursday left futures 6 to 21 points higher. Dec rallied 81 points off the low and closed just 6 points off the high. Revived hopes for a stimulus bill out of Washington boosted equities and spending ideas. USDA’s Export Sales data showed 143,291 RBs of cotton was booked on the week ending 9/17. That was split 92.7k MT for 2020/21 and 50.6k MT for 21/22. Accumulated cotton commitments through the first 7 weeks of the MY were 7.72m RBs. That is down 8% yr/yr. Commitments to China are 40% of the total with 3.12m RBs. WTD sales on The Seam were 7,117 at a wtd average price of 54 cents/lb. The Cotlook A index was 15 points higher for Sept 23, at 70.85 c/lb. The AWP for cotton is now 50.45 cents/lb. FSA increased this week’s LDP to 1.55 cents.

--- provided by Brugler Marketing & Management




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