The cotton market continued its decline on Thursday, dropping 93 points to 168 points on Thursday. This was despite a series of bullish export statistics. The cotton limit went back to 3 cents and then back to the 70 cent level in July. External market influences were helpful but ignored as the U.S. dollar index fell 336 points and crude oil rose 56 cents.
FAS's weekly export sales report showed export business improved in the week ending May 2, as old crop bookings surged to RB253,660, a 13-week high. A significant portion of it was sold to China, where importers purchased 119,024 RB. New crop sales for the week totaled 158,872 RB, making it the largest weekly sales of the year for the crop. Shipments totaled 249,628 RB, an increase of 38.7% from a week ago.
ICE certified cotton inventory decreased by 791 bales to 167,979 bales due to decertification on May 8th. The Cotlook A index rose 55 points on May 7th to 85.40 cents/lb. AWP fell another 91 points to 59.64 on Thursday, but it looks good until next week.
July 24 Cotton fell 146 points to close at 78.6.
Oct. 24 Cotton fell 119 points to close at 77.75.
March 25 Cotton fell 118 points to close at 78.01.
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