May cotton prices are down by triple digits with OI fading. The other nearby contracts are 62 to 104 points back in the black early on Wednesday. Cotton futures were down triple digits on Turnaround Tuesday. July fell the most with a 207 point loss. The US dollar didn’t help the bulls, with a bullish engulfing line candlestick and a higher close following early morning weakness. July futures still have a 162 point carry vs. May. December cotton futures ended at a 75 point premium to July.Â
The weekly Crop Progress report showed the 23/24 cotton crop was 12% planted, compared to 11% on average. Texas was shown at 18% planted as of 4/23, which was a 5% advance from last week and is 2% points ahead of the 5-yr average.Â
Planting progress will slow this week, with a low over the Texas Panhandle triggering some significant rains overnight in OK and expanding into TX, KS and CO. That front is expected to rain its way all the way to the East Coast by Friday night, with another rain event coming into that needed Panhandle area on Friday
The Cotlook A Index remained at 93.30 cents on 4/24. The AWP for cotton is 70.82 cents.Â
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May 23 Cotton  closed at 77, down 198 points, currently down 198 points
Jul 23 Cotton  closed at 78.62, down 207 points, currently up 104 points
Dec 23 Cotton  closed at 79.37, down 191 points, currently up 82 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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