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Thursday, February 16, 2023 1:20:44 PM
Cotton Fell Back To Red For Midday
By: Barchart | February 16, 2023
Earlier in the Thursday session the cotton market attempted to buy back some of Wednesday’s drop. Current board prices have slipped nearly 2 cents off those rebound highs and are back in the red. The front months are trading with 57 to 133 point losses as of midday quotes.
USDA’s FAS reported 216,915 RBs of cotton was sold for export during the week that ended 2/9. That was a 17% drop off from last week’s business, though was still up 37% from the same week last year. Vietnam and China combined for over half of the week’s total business. The report also had 23,936 RBs of new crop sales for the week, which set the accumulated forward book at 1.285m RBs. Accumulated old crop commitments were 9.93m RBs, a 19% lag from last year’s pace.
The Cotlook A index was firm at 100.85 cents for 2/15. The Seam reported 4,812 bales were sold at spot on 2/14 for an average gross price of 79.03 cents/lb. The USDA AWP for cotton was 74.41 cents/lb this week and will be updated this afternoon.
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By: Barchart | February 16, 2023
Earlier in the Thursday session the cotton market attempted to buy back some of Wednesday’s drop. Current board prices have slipped nearly 2 cents off those rebound highs and are back in the red. The front months are trading with 57 to 133 point losses as of midday quotes.
USDA’s FAS reported 216,915 RBs of cotton was sold for export during the week that ended 2/9. That was a 17% drop off from last week’s business, though was still up 37% from the same week last year. Vietnam and China combined for over half of the week’s total business. The report also had 23,936 RBs of new crop sales for the week, which set the accumulated forward book at 1.285m RBs. Accumulated old crop commitments were 9.93m RBs, a 19% lag from last year’s pace.
The Cotlook A index was firm at 100.85 cents for 2/15. The Seam reported 4,812 bales were sold at spot on 2/14 for an average gross price of 79.03 cents/lb. The USDA AWP for cotton was 74.41 cents/lb this week and will be updated this afternoon.
Read Full Story »»»
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