Cotton Market Again Tries Bounce From Contract Lows

Cotton futures are trading 2 to 16 points higher this morning after hitting new life of contract lows on Thursday. They closed 52 to 89 points lower yesterday. The monthly USDA report showed old crop cotton ending stocks up 350,000 bales from June at 5 million bales, with reductions to both domestic usage and exports. The new crop balance sheet saw a similar increase, to 6.7 million bales. Estimated 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 a 12-week low. Weekly export shipments were 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.

--provided by Brugler Marketing & Management

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