Nearby cotton futures pressed the downside on Monday, but were off their early session lows. May cotton saw a 281 point range from -176 to +105. The other front months ended the day 35 to 74 points lower. Stock market futures (SPY) bounced and the dollar ($DXY) weakened on Monday, however the bank liquidity issues heightened concerns about a recession in 2023 – and the corresponding implied loss of textile consumption.Â
The 3/17 Cotlook A Index was 93.55 cents/lb, UNCH from the prior quote. 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 week’s AWP for cotton is 68.58 cents/lb. ICE certified stocks were 1,661 bales as of 3/17.Â
May 23 Cotton  closed at 77.22, down 61 points,
Jul 23 Cotton  closed at 77.7, down 74 points,
Dec 23 Cotton  closed at 78.81, down 70 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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