Cotton futures are flirting with triple digit gains so far this morning. December is in the delivery process (5 contracts thus far), with no daily limit. The contract traded 445 points higher on Wednesday. The other months stopped at their 4 cent allotted limit through May ’23 with July up by 393 points on the day. New crop December closed above 80 cents for the first time since Sep 22nd (the contract got to 81 cents on 11/16 but couldn’t hold at the close.
USDA’s Attache sees Mexico’s cotton crop reaching 1.46m bales, compared to the official 1.4m bale estimate. Domestic use was also raised, reducing their export idea by 100k to 400k bales.
The Seam reported 1,735 bales were sold online for an average gross price of 83.84 cents on 11/29. The Cotlook A Index was 120 points lower on 11/29 at 97.50 cents. The AWP for the week was 317 points lower to 74.61 cents. ICE certified stocks were 8,901 bales on 11/28.
Dec 22 Cotton closed at 86.05, up 445 points, currently UNCH
Mar 23 Cotton closed at 84.61, up 400 points, currently up 90 points
May 23 Cotton closed at 84.03, up 400 points, currently up 96 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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