Cotton Mixed Around on Thursday

Cotton Field with Drones

Cotton are trading with mixed action on Thursday, as July is down 24 points, with other contracts heading higher.  The US Dollar Index is back up 645 points on the day, after some cooler PPI data from this morning. PPI data came in at an annualized rate of 2.2% for May, below the 2.5% estimate. 

Weekly Export Sales data showed 177,144 RB in old crop cotton bookings in the week that ended on June 6. That was still impressive and brought the total commitments to 12.543 million RB. Part of that is the outstanding sales total at 3.26 million RB, which may be hard to get shipped with just 8 weeks left in the MY. Shipments in the week of 6/6 ran just 186,645 RB, which was a 3-week high. New crop sales totaled 177,381 RB in that week, which was the largest forward sales so far this MY. 

Warehouse cotton stocks continue to build, as ICE certified cotton stocks were up 2,689 bales on June 11 at 137,209 bales. There were 418 decerts, with 4,151 bales awaiting review. The Cotlook A Index was back up 75 points on June 12 at 82.70 cents/lb. The USDA Average World Price (AWP) is 58.13 through this afternoon and will be updated later today.

Jul 24 Cotton  is at 71.5, down 24 points,

Dec 24 Cotton  is at 71.9, up 25 points,

Mar 25 Cotton  is at 73.33, up 17 points

On the date of publication, Alan Brugler 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.