All-cotton 2015-16 export commitments reached 8.959 million RB, about 19% behind year-ago bookings. Weekly upland-Pima shipments fell to 146,200 RB. U.S. Far East premium narrowed.
Cotton futures finished on triple-digit gains beyond spot July Thursday, with most-active December settling above highs of the prior two days to snap a five-session losing streak.
December closed up 131 points to 64.93 cents, in the upper quarter of its 176-point range from down 22 points to up 154 points at 65.16 cents. It posted the session low in the first hour of overnight trading, fell to slightly above unchanged and climbed to the high before noon (CDT).
July, with only five trading sessions left prior to first notice day, closed up 70 points to 63.30 cents, also in the upper quarter of its 147-point range from down 30 points at 62.30 to up 117 points at 63.77 cents.
Volume increased to an estimated 38,069 lots from 35,484 lots the prior session when spreads accounted for 19,077 lots, block trades 3,114 lots, EFP 124 lots and EFS 16 lots. Options volume totaled 3,501 calls and 5,740 puts.
Net U.S. all-cotton export sales for shipment this season and next fell to a combined 118,700 running bales during the week ended June 9 from 247,400 RB the previous week, with upland sales for 2015-16 falling to a six-week low to 64,100 RB.
All-cotton 2015-16 commitments edged up to 8.959 million RB, slightly narrowing the gap behind year-ago bookings to 2.103 million RB or about 19%. Commitments were almost 103% of the USDA export estimate, compared with about 101% of final 2014-15 shipments a year ago.
Shipments of upland and Pima combined fell to 146,200 RB from 214,800 the prior week, widening the gap behind year-ago exports by 77,000 RB to 2.187 million RB or about 23%.
Exports were 84% of the forecast, compared with 87% of final 2014-15 shipments at the corresponding point last season. Shipments now need to average roughly 199,700 RB per week to achieve the estimate.
All-cotton new-crop sales of 47,000 RB, down from 130,500 the week before, brought 2016-17 commitments to 1.616 million RB, up a narrowed 137,000 RB from forward bookings a year ago and 16% of the USDA forecast. Forward bookings a year ago were 17% of the current 2015-16 estimate.
Meanwhile, the average of five lowest-quoted 2015-16 world growths for the Far East mill area dropped 46 points to 72.13 cents during the week ended Thursday, according to USDA calculations, while the lowest-priced U.S. cotton landed there fell 70 points to 72.55 cents.
The U.S. premium thus narrowed to just 42 points. The adjusted world price for the program week beginning Friday is figured at 54.40 cents, reflecting transportation and quality differentials, which leaves the marketing loan gain at zero. There again will be no fine count adjustment for qualities better than 31-3-35.
Futures open interest declined 4,225 lots Wednesday to 196,599, with JulyΆs down 6,434 lots to 27,339 and DecemberΆs up 1,657 lots to 140,869. Cert stocks grew 1,427 bales to 125,762. There were 2,389 newly certified bales and 962 bales decertified. Awaiting review were 2,929 bales.
