Cotton Close Lower on Larger Stocks Estimates
BRUG - Thu Jul 11, 5:19PM CDT

Cotton futures closed Thursday with most nearby contracts 52 to 89 points in the red. 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. Shipments were at 333,212 RB, with just 17,924 RB to China. 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 closed at 63.02, down 52 points,

DEC 19 Cotton closed at 63.11, down 71 points

MAR 19 Cotton closed at 64.23, down 83 points

MAY 20 Cotton closed at 65.2, down 89 points

--provided by Brugler Marketing & Management




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