Cotton Prices Close in Black

Cotton trading pulled prices back from their early session highs. Futures were still up 55 to 133 points at the close, but the front months settled more than 200 points off their high. 

Weekly FAS data from the USDA showed cotton export bookings during the week of 9/30 were 246,697 RBs. That was down sharply from last week’s 571k multi-year high, but still 38% above the same week last season. China was again the week’s top buyer, though their 70.7% share of the total was down from 73% last week. Total cotton commitments sit at 7.47m RBs, which is 8% below last year. China’s cotton commitments sit at 2.08m RBs, or 65% behind last year’s pace. 

China announced a state cotton reserves auction for tomorrow. 

The Cotlook A index was 117.90 cents/lb on 10/6, up by another 340 points. The week’s new AWP for cotton is 91.81 cents/lb, up from 83.92 last week. 

Dec 21 Cotton  closed at 111.61, up 55 points,

Mar 22 Cotton  closed at 108.73, up 56 points,

May 22 Cotton  closed at 107.27, up 107 points

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