Cotton futures are heading 87 to 99 points lower so far on Friday, amid some outside market pressure. December cotton futures expire today. The outside markets are pressure factors, with the US dollar index up 374 points and crude oil back down 81 cents/barrel lower.
Export Sales data showed 2024/25 upland cotton shipments totaling 2.145 million RB for the marketing year, 13% below last year and just 20% of the full year USDA export forecast (24% normally). Commitments, including shipped and unshipped sales, are 6.859 million RB, a 13% drop from last year. That is 65% of USDA’s number, behind the 71% average export sales pace.
The Seam reported 7,693 bales of online sales on December 5 at an average price of 68.01 cents/lb. ICE cotton stocks up 1,189 bales on Thursday, at 14,463 bales of certified stocks. The Cotlook A Index was steady on 12/5 at 81.60 cents/lb. The USDA Adjusted World Price (AWP) was raised by 21 points this week to 57.74 cents/lb.
Mar 25 Cotton is at 70.12, down 98 points,
May 25 Cotton is at 71.42, down 96 points,
Jul 25 Cotton is at 72.47, down 87 points
On the date of publication, Austin Schroeder 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. More news from Barchart- The "Yeah, but" Problem: What’s Holding The Grain Markets Back?
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