Cotton #2 Futures Market News and Commentary
After yesterday’s limit losses, overnight trading has cotton futures up 49 to 160 points for Wednesday. Expanded limits are 5 cents for today, being a penny expanded above the now 4 cent initial daily limit. December will continue to trade with no daily limits through the delivery process. There were zero deliveries against December cotton futures. The 400 bales of cert stocks are tightly held, with most of them in Memphis. Yesterday cotton closed limit down.
The online cotton trading platform The Seam reported 8,597 bales were sold for an average gross price of $1.0562/lb. The 11/30 DSQ for cotton showed 11,050 bales were sold at spot. The Cotlook A index for 11/29 was 4 cents weaker at 123.30 cents/lb. USDA’s AWP for cotton is 102.65 cents/lb for the week through Thursday.
Dec 21 Cotton closed at 111.65, down 500 points, up 160 this morning
Mar 22 Cotton closed at 106.41, down 500 points, up 49 this morning
May 22 Cotton closed at 104.61, down 500... Read more