Cotton futures are lower by 90 points to a penny so far for the new week. The front month cotton futures market went into the weekend with 34 to 61 point losses on Friday. For March, that meant a 19 point gain Friday to Friday. December cotton futures were 91 points higher from Friday to Friday, ending at a 131 point discount to the spot market. Bulls were hoping for indications of renewed Chinese buying as they come back from a week long holiday closure.
USDA’s weekly Classings report showed 152,112 bales of upland cotton was classed through the week for a season’s total of 13.328 million. Adding Pima, the season’s classings sits at 13.732m bales.
The Seam had 16,160 bales sold on 1/26 at an average gross price of 82.74 cents. USDA’s weekly Cotton Market Review mentioned the bulk price was 85.21 cents for the week’s 60,998 bales sold. The Cotlook A Index was 101.65 cents/lb after another 50 point boost on 1/26. The USDA average world price (AWP) for cotton was raised 262 points this afternoon to 75.05 cents per pound. It will be in effect until next Thursday.
Mar 23 Cotton closed at 86.89, down 61 points, currently down 97 points
May 23 Cotton closed at 87.45, down 57 points, currently down 93 points
Jul 23 Cotton closed at 87.8, down 54 points, currently up down 94 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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