Front month cotton futures dropped by triple digits across the front months, with May closing 133 points in the red. That flipped the week’s net change negative, settling 35 points under last Friday. The new crop December contract ended the week at a 74 point loss and the lowest close since Jan 4th.
USDA’s weekly Cotton Market Review showed the 9,240 bales sold this week averaged 77.44 cents/lb. That brought the total spot sales to 486k bales, compared to 1.49 million at this point last year. The Cotlook A Index dropped 225 points on 3/16 to 93.55 cents. The USDA’s FSA lowered the AWP for cotton by 337 points to 68.58 cents/lb.
May 23 Cotton closed at 77.83, down 133 points,
Jul 23 Cotton closed at 78.44, down 126 points,
Dec 23 Cotton closed at 79.51, down 112 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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