International Cotton Market

23-Nov-2024 08:13 AM

International Cotton Market

ICE Cotton futures rose by 13 to 34 points on Friday, and March cotton futures saw an increase of 186 points during the week. The external markets showed mixed performance, with the U.S. Dollar Index rising by 525 points, reaching its highest level in two years. Crude oil futures increased by $1.09 per barrel.

According to the National Agricultural Statistics Service (NASS), as of November 15, 2.157 million running bales (RB) of cotton were ginned in the first two weeks of November, bringing the total for the marketing year to 6.852 million RB. This is a 20% increase compared to last year.

The Commitment of Traders report on Friday indicated that short speculative positions increased by 22,136 contracts, bringing their total short position to 35,987 contracts as of November 19.

Export sales data shows that upland cotton shipments for the 2024/25 marketing year totaled 1.858 million RB, 17% lower than last year and only 18% of the USDA’s full-year export estimate (normally 22%). Total export commitments, including both shipped and unshipped, stand at 6.364 million RB, down 16% from last year. This is 60% of the USDA’s forecast, trailing the normal export sales pace of 68%.

On November 21, The Seam reported 12,433 bales of cotton sold online, with an average price of 69.57 cents per pound. ICE cotton stocks remained unchanged on Wednesday, with 13,274 bales of certified stocks. On November 21, the Cotlook A Index rose by 100 points to 80.70 cents per pound. On Thursday, USDA adjusted the Adjusted World Price (AWP) down by 229 points to 55.91 cents per pound.