Cotton #2 Futures Market News and Commentary
Going home on Monday, the cotton complex was mixed on the board. October and December contracts were red by 3 and 6 points respectively with March UNCH. The deferred May and June ’22 contracts gained 11 to 22 points to narrow the inverse.
The Crop Progress from NASS showed that 78% of the 2021/22 cotton crop was squaring. That was up from 69% last week and still trails the 5-yr average of 83%. NASS data showed that as of the 25th, 37% of cotton was setting bolls. The average is to see 42% for week 30. Cotton conditions were seen as a Brugler500 score of 363. That was a 3 point bump from last week, led by North Carolina which was up by 19 points wk/wk. AZ, AR, and MS were also stronger, though OK and Alabama were weaker.
The Cotlook A index was another 125 points stronger to 50 points less than a buck at $0.995/lb. The USDA AWP for cotton is 76.58 through Thursday, up .62 from the previous week.
Dec 21 Cotton closed at 89.6, down 6 points,
Mar 22 Cotton cl... Read more