Overnight action was limited to within 107 point ranges. Morning quotes are 13 to 30 points higher so far. Cotton prices were weaker on Wednesday, ahead of today’s USDA export sales and crop reports. Prices ultimately closed near mid-range as March saw action from 83.4 to 85.84 cents on the day.
Ahead of the WASDE reports analysts project U.S. cotton production will be 14.14m bales, down 100k bales from the Dec. Ending stocks are estimated steady mo/mo at 3.5m bales, as exports are estimated to come down the same 100k. World cotton carryout is estimated at 89.46m bales going in, which would be down 100k from Dec.
The Cotlook A Index was 102.10 cents/lb for 1/10, up by 20 points. The week’s AWP for cotton is 72.98 cents/lb.
Mar 23 Cotton closed at 84.26, down 50 points, currently up 20 points
May 23 Cotton closed at 84.39, down 45 points, currently up 29 points
Jul 23 Cotton closed at 84.36, down 40 points, currently up 33 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. For more information please view the Barchart Disclosure Policy here.
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