Cottonfutures posted losses of 70 to 149 points on Friday, as March was down 65 points on the week. The outside factors were mixed, as the US dollar index was up 481 points, with crude oil $2.69/barrel higher. Most of the focus was on the negative USDA data released this morning.
This morning's Cotton Ginnings report showed that 1.626 million RB of cotton had been ginned in the last couple weeks of December. That brought the season's total to 13.051 million RB, the largest in 3 years and up 18% from last year.
USDA raised their cotton production total by 150,000 bales to 14.41 million, as yield was up 44 lbs/acre and harvested acres were trimmed by 360,000 to 8.27 million. With a 300,000 bale cut to exports, USDA raised their carryout projection by 400,000 bales to 4.8 million.
The weekly Export Sales report was out this morning, with 137,382 RB of 2024/25 upland cotton sales reported, up 6.61% from last week. Turkey was the buyer of 62,000 RB, with 25,500 RB to... Read more