Cotton futures are trading with double digit gains into the midweek session so far. The cotton futures market settled Tuesday 1.1% to 1.6% in the red. That took the May contract to a net 172 point loss for the week. December’s 118 point loss on Tuesday has the contract 168 points in the red for the week-to-date.
The Dollar Index was 0.54% weaker on Tuesday, approaching the early Feb lows of 100.805. The index was priced at 101.245 at the settle.
USDA’s Ag Attaché set the Pakistani cotton crop at 5.3m bales for 23/24 rebounding from the old crop’s flooding. Despite the larger domestic output, the Attaché maintained a 4.6m bale import for 23/24. Their old crop import was 300k bales above the USDA official. For Turkey, the Attaché expects a 3.376m bale crop, a 1.561m bale loss yr/yr, citing the decline in world price. They also mentioned the Feb 6th earthquakes as being devastating to the Kahramanmaras region’s textile output, but that recovery is already underway.
The Cotlook A Index was back down by 80 points to 96.75 cents/lb. The AWP for cotton is 67.84 cents/lb.
May 23 Cotton closed at 81.05, down 133 points, currently up 425 points
Jul 23 Cotton closed at 81.38, down 126 points, currently up 37 points
Dec 23 Cotton closed at 81.74, down 118 points, currently up 28 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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