Cotton Red into the Wednesday Session

Morning cotton quotes are mostly lower, as October is up another 4 cents to 96.14c/lb while the more active contracts are down by 150 to 200 points. Yesterday, cotton futures reached their 4 cent upward limit early in the Tuesday session as broad based buying also pushed gold, crude, and stocks higher. The Dollar Index was 1.5% lower on the day pushing the lowest quotes since September 21st. 

The 22/23 cotton crop had open bolls for 77% of plants nationally. That is ahead of the average pace by 4% points per NASS data. Harvest progressed 7% points to 22% complete as of 10/2. The average pace would be 17% finished. Cotton condition ratings were 4 points lower on the Brugler500 Index compared to last week. The 248 reading compares to 327 initially and 383 at this point last season. 

The Cotlook A Index firmed 20 points higher for 10/3 to 104 cents/lb. USDA’s AWP for cotton is 82.42 cents. ICE certified stocks were at 2,109 bales.

Dec 22 Cotton  closed at 88.2, up 400 points, currently down 200 points 

Mar 23 Cotton  closed at 86.19, up 400 points, currently down 168 points 

May 23 Cotton  closed at 84.78, up 400 points, currently down 157 points