So far for the Wednesday market, cotton is back up by 4 to 20 points, with March 78 points off its overnight low. Cotton began the short week with triple digit losses from May on out. The March contract’s 97 point drop was the best the bulls could do. The other nearbys fell 100 to 146 points. Stock market futures continued to be under pressure, presumably discounting a recession in 2023 with implications for cotton demand. Chinese demand is also in question, with a surge in COVID cases there and a major violation of Taiwan airspace by Chinese aircraft.
The 12/23 Cotlook A index was 101.55 cents, down by 4 cents. USDA’s weekly Cotton Market Review had the week’s spot sales totaling 53,946 bales on an average price of 84.45 cents. The season’s sales reached 187k bales, down from 639k bales last year. The AWP for cotton is 75.57 cents/lb.
Mar 23 Cotton closed at 84.24, down 97 points, currently up 4 points
May 23 Cotton closed at 84.13, down 105 points, currently up 10 points
Jul 23 Cotton closed at 83.91, down 100 points, currently up 7 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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