Friday Cotton Lower at Midday

Cotton futures are down by as much as 41 points in the front months. The thinly traded Oct contracts are 38 points higher so far after an out of line close on Thursday. For the week ending 01/16 cotton bookings were up 32.12% with the USDA reporting 307,764 RBs of sales. The week’s sales were the highest since the week ending 11/7. In the same report, USDA listed exports at 282,590 RBs, a weekly reduction of 6.34% but an increase of 18.45% over the same week last year. MYTD cotton shipments are at 4.721m RBs, which is 16.57% more than last year at this time. Turkey purchased the most with 26.9% of bookings, Vietnam and Pakistan each accounted for a 23% market share of the week’s purchases. The online cotton trading platform The Seam sold 20,234 bales at an average gross price of 61.39 cents/lb on 01/22. The week’s total was 23,578 bales through Wednesday. The Cotlook A index completely regained the 180 points and is back up to 80.20 cents/lb for 01/23. The updated Adjusted World Price for cotton is 61.29 following a drop of 11 points from the previous week.

Mar 20 Cotton is at 69.62, down 41 points,

May 20 Cotton is at 70.45, down 30 points

Jul 20 Cotton is at 71.35, down 24 points

Oct 20 Cotton is at 70.17, up 38 points

---provided by Brugler Marketing & Management

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