Cotton #2 Futures Market News and Commentary
Cotton futures are 15 to 40 points lower this morning. Yesterday’s Turnaround Tuesday rally left cotton prices 33 points higher in old crop and 54 to 73 points higher for new crop contracts.
NOAA’s 7day QPF calls for heavy rain in the Delta accumulating over the next week due to a tropical storm. The Southern coast can get up to 10” with rains of as much as 4” through the middle of the gulf states. TX and OK will notably miss out, though rains from late May / early June still have soil moisture adequate to excessive in that area according to USDA’s WMO.
The online cotton trading platform The Seam noted 37 bales were sold on 6/14 for an average gross price of 70.07 cents. USDA’s 6/15 Daily Spot Quotations report showed just 7 bales were sold. ICE certified stocks were constant at 166,225 bales on 6/14. The Cotlook A index for June 14 was 96.20 cents per... Read more