Cotton #2 Futures Market News and Commentary
Tuesday cotton trading has futures 12 to 63 points in the black at midday. The S&P stock market futures continue to close in on the all-time high. NASS reported that 9% of this year’s crop was opening bolls as of August 9. The 5-yr average is 11%. Also from the weekly update, 71% of new crop cotton had set bolls. That was up 17% wk/wk and 1 ppt ahead of the 5-yr average pace. Cotton conditions were down a stiff 13 points on the Brugler500 to 322. AZ, AS, and CA cotton crops are still very highly rated, but cotton in TX is back below 300 on the Brugler500 index. The Cotlook A index fell back 2 and a half cents on Aug 10, to 68.75 cents/lb. The AWP for cotton is 49.44 cents/lb through Thursday. The week’s LDP is 2.56 cents/lb.
Oct 20 Cotton is at 62.46, up 12 points,
Dec 20 Cotton is at 63.29, up 49 points
Mar 21 Cotton is at 64.1, up 50 points
May 21 Cotton is at 64.64, up 43 points
--- provided by Brugler Marketing & Management