After seeing their lowest prints since November on Friday, cotton futures rallied back with triple digit gains to start the new week. Prices were 192 to 298 points higher at the close, with new crop quotes back above the 80c mark.
Trader estimates ahead of the Planting Intentions report have 11m cotton acres expected on average. That would be up from the 10.9 figure in USDA’s Outlook Forum, but still under the 13.8 million planted last year. The full range of estimates is from 10.5 to 12.7 million acres.
The 3/24 Cotlook A Index was 75 points weaker at 92.05 cents. The updated AWP for cotton is 225 points lower to 66.33 cents/lb. ICE certified stocks were 1,485 bales on 3/22.
May 23 Cotton closed at 79.52, up 298 points,
Jul 23 Cotton closed at 79.99, up 282 points,
Dec 23 Cotton closed at 80.75, up 235 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.
/Super%20Micro%20Computer%20Inc%20logo%20on%20building-by%20Poetra_RH%20via%20Shutterstock.jpg)
