Cotton futures are mostly weaker this morning, as Dec extends the gains by 12 points though the other nearbys are 38 to 151 points in the red. On Monday cotton closed limit higher through the May ’23 contracts. July went home with a 398 point gain, and the board has a 5 cent (500 point) limit for Tuesday’s session.
China maintained their WTO mandated minimum 894k tonnes cotton TRQ for 2023.
The 10/7 Cotlook A index was 40 cents weaker to 101.30 cents/lb. The weekly Cotton Market Review from USDA showed the average spot price was 85.59 cents for the 2,964 bales sold during the week that ended 10/6 – that set the season to date total as 29,230 bales, down from 55k bales last year. USDA’s updated AWP for cotton is 77.19 cents/lb, down from 82.42 cents. ICE certified stocks were at 2,109 bales.
Dec 22 Cotton closed at 88.23, up 400 points, currently up 12 points
Mar 23 Cotton closed at 86.66, up 400 points, currently down 38 points
May 23 Cotton closed at 85.51, up 400 points, currently down 72 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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