The morning cotton market is working back 34 to 67 points lower so far for a turnaround Tuesday session. Cotton rallied sharply on Monday, with 115 to 226 point gains. The December contract printed a 253 point range on the day, and closed just 16 points off the high.
USDA’s weekly Crop Progress report had 65% of bolls opening as of 9/24. That was up 10% points for the week and remains 3% points ahead of average. The 23/24 cotton harvest advanced 4% points for the week to 13% finished – matching the average. Conditions were reported at 30% G/E – that was up from 29% LW and converts to a 273 on the Brugler500 Index. That was up 2 points from last week as OK improved 16 points.
The Cotlook A Index was 45 points weaker to 96.95 cents/lb for 9/22. The Seam reported 1,804 bales were sold at spot on 9/22 for an average price of 80.03 cents. USDA’s weekly Cotton Market Review had 5,552 bales sold at spot this week for an average 81.88 cents. The updated AWP for cotton was 72.29 cents, that was up 34 points from last week. ICE Certified Stocks were 29,701 bales on 9/22.
Dec 23 Cotton closed at 88.17, up 226 points, currently down 65 points
Mar 24 Cotton closed at 88.76, up 201 points, currently down 61 points
May 24 Cotton closed at 89.14, up 178 points, currently down 45 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.
/AI%20(artificial%20intelligence)/Data%20Center%20by%20Caureem%20via%20Shutterstock%20(2).jpg)
/PayPal%20Holdings%20Inc%20HQ%20photo-by%20bennymarty%20via%20iStock.jpg)
/Micron%20Technology%20Inc_%20logo%20on%20building-by%20vzphotos%20vis%20iStock.jpg)
