Cotton #2 Futures Market News and Commentary
Tuesday cotton trading has the board 3 to 16 points higher after overnight profit taking adjustments. On Monday, cotton futures closed with triple digit losses. Old crop futures were weaker, closing down 223 to 226 points. New crop prices were 126 to 134 points in the red.
National cotton planting had reached 8% of expected area as of 4/11. That is up from 6% planted the week prior and from the 5-yr average of 7%. In TX, planting progressed 3% points to 13% complete.
USDA’s Ag Attaché forecasts 2021/22 cotton production from China at 5.9 MMT, down 50k yr/yr. For next marketing year imports, USDA’s Ag Attaché sees a 100k MT increase to 2.4 MMT.
USDA’s DSQ showed just 329 bales sold in the 4/12 report. The Cotlook A index for 4/9 was 190 points higher, back up to 88.50 cents/lb. The AWP for cotton for the week is 64.92 cents/lb.
May 21 Cotton closed at 80.14, down 226 points; up 3 this morning
Jul 21 Cotton closed at 81.5... Read more