Cotton futures faded their midday gains to close the midweek session in the red for Dec and March. December ended the day a net 30 points weaker, but off the intraday high by 141 points. The deferred contracts stayed in the black, but gains were limited to 52 points led by Dec ’23. The Dec to Dec spread was 9.02 cents/lb at the close.
NOAA’s 7-day QPF shows mostly dry conditions for the coming week, with limited precip along the TX/OK border and along the TX/LA border – accumulations should remain under 1/4” in water equivalent. The GFS model does show potential for 6 to 12” local accumulations in the form of snow, in the 6-10 day window.
The online cotton trading platform, The Seam, had 3,746 bales sold at spot for an average gross price of 84.34 cents/lb on 11/15. The Cotlook A Index was 275 points lower on 11/15 to 102.55 cents/lb. The AWP for the week is 76.74 cents/lb.
Dec 22 Cotton closed at 88.44, down 30 points,
Mar 23 Cotton closed at 86.76, down 21 points,
May 23 Cotton closed at 85.87, up 3 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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