Turnaround Tuesday Bounce for Cotton

Reacting to the condition ratings has the cotton market working on a turnaround Tuesday so far with +200 point gains. Monday’s cotton futures market traded another 4c lower after the limit drop on Friday. Cotton is still +6 cents above the July low. 

Crop Progress data from NASS showed 67% of bolls open as of 9/25, matching the average. Cotton’s 22/23 harvest advanced 4% points to 15% complete, still 1% ahead of average. TX is now 1/4 of the way done, with GA harvest trailing their 6% average pace with 3% cut. Cotton conditions slid 7 points on the Brugler500 Index through the week to 278. Improvements in MS and AR could not offset a 20-point drop to KS cotton. TX was also another 12 points lower on the Brugler500 to just 230. At the top end, AZ, CA, and VA fields scored high 390s to low 400s, at the bottom end TX and OK with OK just barely in the 200s on the Index. 

The Cotlook A Index for 9/23 was 50 points weaker to 114.85 cents. USDA dropped the AWP for cotton by 629 points to 88.88 cents/lb. ICE showed 715 bales of certified cotton stocks on 9/23. 

Dec 22 Cotton  closed at 88.37, down 417 points, currently up 238 points

Mar 23 Cotton  closed at 85.94, down 373 points, currently up 213 points

May 23 Cotton  closed at 84.17, down 332 points currently up 205 points