Cotton Drifts Lower in Early Thursday Trade

Cotton futures are 12 to 20 points lower ahead of the weekly USDA Export Sales data. Yesterday, cotton gave back triple digits for a midweek pullback following a multi-week rally. Futures closed 113 to 190 points in the red, but July prices are still up more than 9 cents month to date.  May futures still have no deliveries through Tuesday, with OI at just 71 contracts.

USDA’s 4/28 DSQ report showed 1,090 bales were sold at spot, bringing the MYTD spot sales to 1.3489 million. The Cotlook A index was another 40 points to 95.10 cents/lb on 4/27. The AWP for cotton is 70.49 cents/lb and will be updated after the close tomorrow.    

May 21 Cotton  closed at 88.74, down 133 points, not quoted this morning

Jul 21 Cotton  closed at 89.52, down 190 points, and down 20 this morning

Dec 21 Cotton  closed at 86.07, down 113 points, and down 17 this morning

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