Cotton Rally Loses Momentum While AWP Rises

Cotton futures are cautiously 2 points lower to 6 points higher ahead of the weekend. At the closing bell on Thursday, front month cotton futures were 16 to 62 points lower. Cotton export bookings from the week ending September 10 were 519.6k RBs. That was 410% increase wk/wk and 611% above the same week last year, and the largest for any week since the week ending Jan 22 of 2015. China purchased 85% of the total with 440k. Cotton commitments to China are 37% of the total with 3.07m RBs and 7.63m RBs respectively. Chinese State Planning announced intentions to maintain the 894k MT TRQ for 2021 cotton imports. From USDA’s Daily Spot Cotton Quotations update, 5,700 bales went for an average 60.24 cents/lb on the 17th. That was up 48 points from yesterday strengthening basis. WTD sales through Wednesday on The Seam are 19,221 bales with a wtd ave price of 59.27 cents/lb. The Cotlook A index for Sept 16 fell back 45 points to 71.65 cents/lb. The AWP for cotton is1.11 cents higher to 50.88 cents/lb. That reduced the LDP to 1.12 cents.

--- provided by Brugler Marketing & Management




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