Cotton #2 Futures Market News and Commentary
At the Wednesday close, old crop cotton futures were 233 to 238 points stronger. New crop prices were up 115 to 133 points. The US dollar index was down 210 points on the day, supporting commodities priced in dollars. Zhengzhou Cotton Prices were lower for the 3rd straight day, down 25 yuan/MT to 14,750 (~ $1.02/bale).
USDA’s Daily Spot Quotations report showed just 343 bales sold in the 4/14 report. The Cotlook A index was back down by 210 points on 4/13 to 87.40 cents/lb. USDA’s AWP for cotton is 64.92 cents/lb through Thursday.
May 21 Cotton closed at 84.2, up 238 points,
Jul 21 Cotton closed at 85.52, up 233 points,
Dec 21 Cotton closed at 82.71, up 125 points