
Following the slide to start the week, cotton is currently rallying back by 53 to 125 points so far for Tuesday. May cotton saw a 281 point range on Monday, from -176 to +105 and settled 61 points lower. The other front months ended the day 35 to 74 points lower. Stock market futures bounced and the dollar weakened on Monday, however the bank liquidity issues heightened concerns about a recession in 2023 – and the corresponding implied loss of textile consumption.
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.
May 23 Cotton closed at 77.22, down 61 points, currently up 126 points
Jul 23 Cotton closed at 77.7, down 74 points, currently up 125 points
Dec 23 Cotton closed at 78.81, down 70 points, currently up 117 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.