Overnight cotton trade has the board working back in the red, with 182 to 82 point pullbacks so far following the limit gains to start the week. Front month cotton futures extended their bounce on Wednesday, with 4 cent gains through the May ’23 contract. December gapped higher to start the day, and failed to close the gap. The Fed raised short term interest rates by 75 basis points as expected
The online cotton trading platform, The Seam, reported 357 bales were sold on 11/01 for an average gross price of 70.8 cents. The Cotlook A Index was another 30 points weaker to 89.20 cents/lb. USDA’s AWP was 4.81 cents weaker to 68.95 cents/lb for the week.
Dec 22 Cotton closed at 79, up 400 points, currently down 82 points
Mar 23 Cotton closed at 78.64, up 400 points, currently down 152 points
May 23 Cotton closed at 78.85, up 400 points, currently down 160 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.
