Cotton Gaining into Export Sales Data
Cotton is trading a point to 96 points higher this morning ahead of the USDA Export Sales report. Cotton worked lower on the midweek session, but closed 40 points to a penny off the session lows. July went home with a 33 point loss on Wednesday, and is now down a net 104 points for the week to date. July was a 3.78 cent premium to Dec contracts at the close.
Census reported 1.551 million bales of cotton was exported in April. That was near even with March, but was down 18% from April ’22. The season’s total exports reached 9.4m bales, which remains the slowest pace since 2015/16 and is 75% of the forecast with 25% of the data yet to come in.
The 6/6 Cotlook A Index was a penny weaker to 95 cents/lb flat. The AWP for cotton is 66.91 c/lb, and will be updated tomorrow after the close. ICE Certified stocks climbed 6,234 bales to 13,922 for 6/5.
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Joseph Cotton1 : wow