Front month cotton futures are up by another 18 to 85 points so far this morning. May cotton closed at its 3 cent limit gain for the day, though the July contract backed off its limit gain for the close. Limits will be 4 cents/lb in the midweek session, upped due to price level but not expanded as only May settled at the limit. New crop futures were also up by triple digits at the close, with futures 239 to 253 points in the black, anticipating a sharp reduction in 2023 US cotton plantings to be reported by USDA on Friday.
The Seam reported 3,574 bales sold for 3/27 at 69.97 cents/lb. The 3/27 Cotlook A Index was a penny weaker at 91.05 cents/lb. 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 82.52, up 300 points, currently up 71 points
Jul 23 Cotton closed at 82.97, up 298 points, currently up 77 points
Dec 23 Cotton closed at 83.28, up 253 points, currently up 13 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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