Cotton #2 Futures Market News and Commentary
Front month cotton futures are trading within 30 points of UNCH. The thinly traded October contracts are up 238 points and 115 points for ’23 and for ’24 respectively. December is 17 points in the black for midday.
USDA’s weekly Crop Progress report had 65% of bolls opening as of 9/24. That was up 10% points for the week and remains 3% points ahead of average. The 23/24 cotton harvest advanced 4% points for the week to 13% finished – matching the average. Conditions were reported at 30% G/E – that was up from 29% LW and converts to a 273 on the Brugler500 Index. That was up 2 points from last week as OK improved 16 points.
The Cotlook A Index was 45 points weaker to 96.95 cents/lb for 9/22. The Seam reported 1,804 bales were sold at spot on 9/22 for an average price of 80.03 cents. USDA’s weekly Cotton Market Review had 5,552 bales sold at spot this week for an average 81.88 cents. The updated AWP for cotton was 72.29 cents, that was up 34 points from last week. ICE Ce... Read more