Cotton Slips On Heels Of Weekly Export Report
U.S. weekly export sales for this season and next rose to a combined 137,500 bales, while shipments continued to lag. Slight rain chances linger in Texas High Plains. Cash business sales fell on The Seam.By Duane Howell DTN Cotton Correspondent
Cotton futures traded lower and just off session lows Thursday after U.S. weekly export shipments came in below the pace needed to reach the latest USDA estimate.
Benchmark December hovered off 55 points at 85.15 cents at 8:08 a.m. CDT, trading within a 98-point range from 86.10 to 85.12 cents on a contract volume of 1,870 lots. March dipped 22 points to 83.96 cents.
Net U.S. all-cotton export sales for shipment this season and next climbed to 137,600 running bales during the week ended July 18 from 100,600 bales the previous week, USDA reported.
Net upland sales of 33,900 bales for 2012-13 were down 33% from the previous week and 22% from the prior four week average. Gross upland sales were 37,100 bales and cancellations were 3,200 bales. This marketing year ends July 31.
Upland net sales for 2013-14 rose to 100,200 bales from 45,400 bales the week before. These were primarily for Turkey, 21,300 bales; Mexico, 14,700; and China, 12,400.
All-cotton shipments declined to 131,700 bales from 139,800 bales the previous week. Upland shipments of 120,900 bales were down 6% from the previous week and 17% from the prior four-week average.
On the crop scene, a few showers and thunderstorms dotted the northern Texas High Plains overnight. Amounts recorded by the West Texas Mesonet in cotton areas included 0.27 of an inch at Dimmitt, 1.65 inches at Friona, 0.21 at Friona and 0.11 at Plainview. Rain chances in the Lubbock area are 20% Thursday and Friday.
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