Cotton #2 Jul '21 (CTN21)
Cotton #2 Futures Market News and Commentary
After firmness at midday, front month cotton futures broke to the upside and ended the Thursday session 20 to 82 points in the black. Month to date price moves in May contracts resulted in a net 427 point rally. New crop December contracts are 3.08 cents/lb stronger since the start of the month.
USDA reported cotton bookings from the week ending 4/8 at 122,265 RBs. That was down from 270k RBs last week and below the 5-week average. Total cotton commitments are 14.97m RBs, which trails last year’s pace by 2%.
Cotton sales reported by The Seam were 3,673 bales on 4/14, for an average gross price of 76.03 c/lb. USDA’s Daily Spot Quotations report for 4/15 showed 5,758 bales sold at spot. The Cotlook A index was back up by 170 points on 4/14 to 89.10 cents/lb. USDA’s new AWP for cotton is 68.16 cents/lb after a 324 point increase.
May 21 Cotton closed at 85.02, up 82 points,
Jul 21 Cotton closed at 86.26, up 74 points,
Dec 21 Cotton closed at 83.08, up 37 points
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