Cotton futures are trading 15 to 42 points higher. Front month cotton futures ended the day within 35 points of UNCH. December ’22 and October ’23 closed red on the day, while May ’23, July ’23 and Dec ’23 all stayed positive. The Dec to Dec spread is now 7.09 cents.
NASS reported 89% of cotton bolls were opened as of 10/16. Cotton harvest in the US progressed from 29% last week to 37% complete. The 5-yr average pace would be 32%. In TX 40% of the crop was out, up 7% points from average. Harvest in GA was 27% complete, near the 25% average pace. NASS had cotton conditions 31% good/ex for a Brugler500 score of 273. That was UNCH from last week, with solid improvements in TN, SC, and AZ offset by a 7 point drop in OK and a 3 point lower reading in TX.
The Seam had 1,045 bales sold on 10/13 for an average gross price of 94.26 cents/lb. The 10/14 Cotlook A index was 5 points weaker to 102.6 cents. USDA’s AWP for cotton is 77.45 cents/lb. ICE certified stocks from 10/14 were 880 bales.
Dec 22 Cotton closed at 83.09, down 6 points, currently up 39 points
Mar 23 Cotton closed at 81.99, unch currently up 26 points
May 23 Cotton closed at 81.13, up 5 points, currently up 23 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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