Cotton is trading back up by 24 to 95 points led by March, which had held its gains to start the week. Cotton was initially higher to start the short week after President’s Day, but futures began to slip near 8am (central). The old crop contracts held onto gains for the close, with March up 67 points and May and July each by less than 5 points. At the day’s high March was up by 325 points. New crop futures ended the day with 6 to 13 point losses. Economic pessimism was in vogue, with equity futures sliding all day.
The Cotlook A index for 2/20 was 50 points lower at 96.85 cents/lb. The AWP for cotton is 74.05 cents. ICE certified stocks were 1,147 bales on 2/17, a consideration with upcoming March futures deliveries.
Mar 23 Cotton closed at 80.92, up 67 points, currently up 95 points
May 23 Cotton closed at 81.53, up 3 points, currently up 24 points
Jul 23 Cotton closed at 82.37, up 2 points, currently up 29 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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