After an attempted Turnaround Tuesday, cotton futures are back in the black with midday gains of as much as 88 points.
USDA will release the weekly Crop Progress data this afternoon after an Indigenous Peoples’ Day (formerly Columbus Day) holiday delay.
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 is at 89.11, up 88 points,
Mar 23 Cotton is at 87.21, up 55 points,
May 23 Cotton is at 85.62, up 11 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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