Cotton Higher at Midday

Midday cotton futures are up triple digits in July, and 72 to 84 points higher for new crop. The July to December inverse is back to +3 cents after tightening through the early portion of the week. 

Cotton bookings from the week ending 4/29 came in at 63,659 RBs. That was down 18% wk/wk, and well below the +400k RBs sold during the same week last year. Cotton exports on the other hand were a MY high and the largest since the week ending 4/2 of 2020. Accumulated cotton exports remain at record pace with 11.3m RBs shipped through week 39. For new crop, USDA’s weekly update showed 61,227 RBs were sold, bringing the NMY forward book to 1.7m RBs. 

USDA’s 5/5 DSQ showed 262 bales were sold at spot. The 5/5 Cotlook A index was back down by 75 points to 92.30 cents/lb. The AWP for cotton for the week is 73.71 cents/lb, and will be updated after the close.     

Jul 21 Cotton  is at 89.6, up 227 points,

Dec 21 Cotton  is at 86.24, up 84 points,

Mar 22 Cotton  is at 85.47, up 79 points

Market Commentary provided by:

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