Through Wednesday’s midday the cotton futures market is working 73 to 181 points in the red. For March, that has the contract back to near last Monday’s levels.
Zhengzhou Cotton Prices in China remain steadily higher after the ~37% drop from May through November. On Tuesday March contracts closed at 14,150 yuan/MT (~ 91.97 cents/lb).
China’s National Bureau of Statistics has 2022 cotton output at 5.98 MMT (27.47m bales), a 4.3% increase yr/yr on higher yields. USDA’s official estimate is 28m bales – a 4.48% increase yr/yr.
The Cotlook A index for 12/23 was 4 cents lower to 101.55 cents. The AWP for cotton is 75.57 cents/lb.
Mar 23 Cotton is at 82.65, down 159 points,
May 23 Cotton is at 82.69, down 144 points,
Jul 23 Cotton is at 82.5, down 141 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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