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Cotton Cooling Off into Week’s End
The current cotton quotes are working weaker, though the old/new crop spread is continuing to widen. Old crop contracts are mostly 2 to 20 points in the red, while the new crop contracts are 30 to 44 points weaker at midday. Weekly cotton bookings were 160,465 RBs for the week that ended 2/8. That was a 2% drop wk/wk, but was an 11% increase vs the same week last year. USDA listed the week’s shipment at 276k MT. That brough the yearly total to 1.82m RBs – a 3% lag from last year. Adding the unshipped sales has commitments at 10.31m RBs – a 4% lead vs last season’s pace.
The Cotlook A Index was back over a dollar with a 195 point increase on 2/15 to 101.45 cents/lb. The updated AWP was listed at 73.44, another 340 points higher for the week. Mar 24 Cotton is at 94.61, down by 2 points, May 24 Cotton is at 95.23, down by 6 points, Jul 24 Cotton is at 95.20, down by 13 points, Dec 24 Cotton is at 84.48, down by 36 points, On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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