The current cotton quotes are another 33 to 68 points weaker after overnight’s trade. Cotton came out of the 3-day weekend with triple digit losses of as much as 161 points. The back months were also red, but stayed firmer with 68 to 87 point losses.
USDA’s weekly Crop Progress report had 6% of the crop remaining to set bolls as of 9/3. The report showed 32% of the crop had bolls opening, up from 25% last week and 33% on average. Cotton condition ratings improved by 5 points on the Brugler500 to 276. Almost every individual state saw worse conditions, with LA, SC, and TN down by double digits – however, TX improved by 13 and pulled up the national score.
The Seam reported 2,194 bales were sold on 9/1 for an average gross price of 78.86 cents. The 9/4 Cotlook A Index was 205 points higher to 100.10 cents/lb. The AWP for cotton is 71.56 cents. ICE Certified Stocks were 352 bales on 8/31.
Dec 23 Cotton closed at 88.76, down 119 points, currently down 41 points
Mar 24 Cotton closed at 88.69, down 108 points, currently down 42 points
May 24 Cotton closed at 88.6, down 110 points, currently down 36 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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