Cotton #2 Futures Market News and Commentary
Domestic cotton futures are trading 2 lower to 14 higher in early midweek action. Tuesday cotton trading left the board 23 to 27 points higher. December still holds a premium to the other nearby new crop contracts, as the inverse to March is now 29 points.
NOAA’s updated 7-day QPF shows the majority of this week’s rainfall will be off the Gulf coast, with inland fields from TX through GA only getting fractions of an inch.
The Cotlook A Index for 8/2 fell back 2 1/4 cents to 97.9 cents/lb. The USDA average world price (AWP) for cotton is 78.47 cents/lb through Thursday.
Dec 21 Cotton closed at 89.87, up 24 points; up 14 this morning
Mar 22 Cotton closed at 89.58, up 25 points; up 8 this morning
May 22 Cotton closed at 89.02, up 27 points; down 2 this morning