Follow Through Weakness for Tuesday Cotton

Cotton prices are working another 88 to 107 points in the red following the triple digit loss to start the week. Front month cotton futures were off their lows on Monday at the close, but still down by 107 to 176 points. December printed a 263 point range on the day. 

NASS reported 96% of the cotton crop was squaring as of 8/13. That is 1% point behind average. The weekly report had 72% setting bolls, compared to 63% last week and 77% on average. NASS saw 13% of bolls opening, compared to 8% last week and 14% on average. Condition ratings were lower on the week, with a 20 point drop to 280 for the Brugler500 Index. Oklahoma fell the most on a sharp 56 point drop to 239. Texas, which was down 23 points, maintained the worst score of the 15 reported states at 220. 

The Seam reported 2,167 bales were sold online at an average price of 82.1 cents/lb. The Cotlook A Index was shown at 96.7 cents/lb for 8/11, up by 80 points. USDA’s weekly Cotton Market Review had 3,956 bales sold at an average gross price of 80.96 cents/lb. The updated AWP for cotton is 70.25 cents/lb, from 70.19c last week. ICE Certified Stocks for 8/9 were 380 bales. 

Dec 23 Cotton  closed at 86.47, down 142 points, currently down 102 points

Mar 24 Cotton  closed at 86.31, down 136 points, currently down 89 points

May 24 Cotton  closed at 86.21, down 133 points, currently down 89 points