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Cotton Weakness Continuing into ThursdayCottonfutures are down 48to 57 points across the front months on Thursday at midday The outside markets are mixed factors, with crude oil up 55 cents/barrel and the US dollar index 163 points higher. Export Sales data showed all upland cotton bookings improving from the week prior to 189,436 RB. That was up 11.64% from last year and the second largest total since the start of the marketing year. Vietnam was the buyer of 91,200 RB, with 32,600 RB sold to China. Shipments totaled 134,348 RB, an improvement of 36.51% from the week prior and up 1.65% from last year in the same week. Pakistan was the top destination of 50,300 RB, with 19,500 RB headed to Mexico. The Seam reported 960 bales of online sales on October 30 at an average price of 70.06 cents/lb. ICE cotton stocks were unchanged on Wednesday, leaving 174 bales of certified stocks. The Cotlook A Index was back up 25 points on October 30 at 82.55 cents/lb. The USDA Adjusted World Price (AWP) was back up 4 points to 59.28 cents/lb last Thursday. It will be updated later today. Mar 25 Cotton is at 71.64, down 56 points, May 25 Cotton is at 73.28, down 57 points, Jul 25 Cotton is at 74.58, down 48 points On the date of publication, Austin Schroeder 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. |
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