Cotton #2 Futures Market News and Commentary
Monday trading pushed cotton futures 51 to 96 points lower. In the weekly Crop Progress report from NASS, 63% of cotton was squaring and 18% was setting bolls. National squaring is 1 ppt ahead of average, led by AZ which is 99% squared compared to their average of 87%. TX cotton is 4 ppts ahead of average at 58% squared. 2020/21 cotton setting bolls is 3 percentage points behind the 5-yr average of 21%. Cotton conditions were a 322 on the Brugler500 index, down a point week to week and down 18 points from initial. USDA reported the weekly average spot price at 59.91 cents/lb, which was 235 points higher. Last week’s sales on The Seam totaled 24,501 bales at a wtd average price of 57.39 cents/lb. The July 10 Cotlook A index was down by 45 points to 69.70 c/lb. The AWP for cotton for this week is 51.48 cents/lb., with a 0.52 cent LDP. ICE certified stocks are 38,138 bales.
Oct 20 Cotton closed at 63.75, down 96 points,
Dec 20 Cotton closed at 63.35, down... Read more