Cotton in the Red on Larger Stocks Estimates

Cotton futures are down 32 to 92 points on Thursday. The monthly USDA report this morning showed old crop cotton ending stocks up 350,000 bales from June at 5 million bales, with a reduction to both domestic usage and exports. The new crop balance sheet saw a similar increase, mainly from the larger carryin, up 300,000 bales to 6.7 million bales. World stocks saw a 1.74 million bale jump to 79.27 million bales for old crop, with new crop up 3.16 million to 80.42 million bales. All upland cotton export sales in the week that ended on July 4 were tallied at 53,406 RB for old crop, with China cancelling 10,041 RB. New crop bookings were shown at just 38,447 RB, a 12-week low. Total sales were down 75.38% from the same week a year ago. The Cotlook A index for July 10 was down 235 points from the previous day at 74.30 cents/lb. The USDA AWP is 59.32 cents/lb, and will be updated later today.

OCT 19 Cotton is at 63.22, down 32 points,

DEC 19 Cotton is at 63.13, down 69 points

MAR 19 Cotton is at 64.21, down 85 points

MAY 20 Cotton is at 65.17, down 92 points

--provided by Brugler Marketing & Management




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