Cotton #2 Futures Market News and Commentary
Cotton trading ended the day with 21 to 61 point losses. New crop’s March contract was down by just 6 points at the close, though preliminary OI there was just 4,988 contracts as of 1/31.
USDA’s monthly Cotton Systems report showed December consumption was 449 RBs. That was down from 532 in November and was 62% below Dec ’21. Cotton stocks were 4.4% larger in Dec than in Nov and remain nearly 1,000 RBs below 2021.
The Seam reported 4,311 bales of cotton sold on 1/31, for an average gross price of 83.34 cents/lb. The Cotlook A Index was 40 points weaker for 1/30 to 102 cents. The AWP for cotton is 75.05 cents per pound.
Mar 23 Cotton closed at 85.61, down 61 points,
May 23 Cotton closed at 86.34, down 61 points,
Jul 23 Cotton closed at 86.93, down 53 pointsOn the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article i... Read more