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Cotton Turns Lower on Thursday, with Export Sales PressureCotton futures had a delayed response to the Export Sales data, but ended the Thursday session with losses of 16 to 33 points. The dollar index was back down 324 points, with crude oil futures down another $2.19/barrel to provide some outside pressure. Export Sales data showed cotton bookings of 87,784 RB in the week ending on 9/19, a MY low. Turkey was the largest buyer of 31,500 RB, with 31,100 RB sold to Pakistan. Shipments also totaled a MY low of just 79,504 RB. Pakistan was the top destination of 18,100 RB, as 12,200 RB was headed to India, with 9,100 RB to China. Hurricane Helene is nearing a category 2 disaster and headed towards the Florida Gulf Coast. Harvest will likely be stopped in areas that run from Alabama, Georgia, Florida, up through the western parts of the Carolinas, and into TN/KY. The Seam reported 1,895 online cash cotton bale sales on Wednesday, averaging 70.26 cents/lb. ICE cotton stocks were unchanged on September 25, leaving 265 bales of certified stocks. The Cotlook A Index was up 75 points on September 25 at 85.80 cents/lb. The USDA Adjusted World Price (AWP) was raised by 223 points last Thursday to 61.06 cents/lb this afternoon. Dec 24 Cotton closed at 73.02, down 18 points, Mar 25 Cotton closed at 74.77, down 23 points, May 25 Cotton closed at 75.87, down 25 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. |
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