Cotton futures are trading with Thursday losses of 58 to 66 points across most contracts at midday. The outside markets should be supportive factors at midday, as crude oil futures are 4 cents/barrel higher, with the US dollar index $0.558 higher on the day.
Export Sales data from this morning showed a total of 244,673 RB of cotton sold for the week ending on February 6. That was up 29.52% from last week and 52.48% above the same point last year. The largest buyer was Bangladesh of 54,100 RB, with 51,600 MT to Vietnam. Shipments were tallied at 260,905 RB, which was the largest for the marketing year so far. Vietnam was the top destination of 91000 RB, with 57,500 RB to Pakistan.
CONAB estimates the 2024/25 Brazilian cotton crop at 3.76 MMT (17.27 million bales), which is up 0.07 MMT (280,000 bales) from their previous projection.
The Cotlook A Index was up another 80 points on Wednesday at 78.85 cents/lb. The Seam reported 13,562 bales of online sales on February 13 at an average price of 66.13 cents/lb. ICE cotton stocks were steady again on 2/12 at 218 bales of certified stocks. The USDA Adjusted World Price (AWP) was reported at 53.18 cents/lb last Thursday and will be updated later today.
Mar 25 Cotton is at 66.86, down 61 points,
May 25 Cotton is at 67.99, down 58 points,
Jul 25 Cotton is at 68.83, down 66 points
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