Cotton futures continued their upward momentum through Thursday’s session, posting gains of 30 to 50 points across the front months. Notably, December futures saw a net gain of 280 points for the week, inching closer to the high point reached on September 1st. Despite settling just over a penny below the session high at 89.9 cents, December futures still managed to secure a 0.9 point gain for the month. In terms of exports, the Foreign Agricultural Service (FAS) reported 55,323 RBs (running bales) of cotton sold for export during the week ending September 21st, marking an 83% year-over-year increase. However, cotton shipments for the week stood at 159.4k RBs, resulting in accumulated exports of 1.35 million RBs, a figure that lags behind last year’s pace by 26%. Meanwhile, the Cotlook A Index experienced a slight dip of 10 points on September 27th, settling at 98.25 cents/lb. As market dynamics unfold, the cotton industry closely watches these developments, including ICE Certified Stocks, which saw a 2.5k bale increase to 35,126 as of September 27th.
“Cotton’s Rally: Gains and Exports in Focus”
