Cotton #2 Futures Market News and Commentary
So far for Tuesday, front month cotton futures are bouncing back from their mixed Monday close. Gains are limited to 88 points for midday.
Crop Progress data from NASS showed 86% of cotton bolls were opened as of 10/17. That compares to 88% on average. Cotton harvest had advanced 8% points through the week to now 28% complete. The 5-year average is to be a third of the way done by 10/17.
The DSQ from 10/18 showed 2,244 bales were added to the program, bringing the season’s total to 73k bales. The daily Classings update showed 16,549 bales of upland cotton was classed on 10/18. The Cotlook A index was 116.35 cents/lb on 10/18 after an extra 15 point bump. The AWP for cotton is 92.88 cents/lb.
Dec 21 Cotton is at 107.86, up 82 points,
Mar 22 Cotton is at 105.85, up 90 points,
May 22 Cotton is at 104.8, up 73 points