Cotton futures are trading down 8 to 23 points in most contracts, with Dec back down 131 points after Wednesday’s gains as ICE futures resume action this morning. They got a little bit of strength in the old crop contracts on Wednesday, with gains anywhere from 2 to 21 points and thinly traded December up 224 points. First Notice day for December is today. Prices for the July contract and beyond were down 1 to 32 points on Wednesday. The outside markets are having some modest influence, with crude oil down $.99 cents/barrel after a furious comeback attempt, and the US dollar index up 32 points.
Cotton Ginnings data showed 5.787 million RB have been ginned in the US as of November 15. That was an addition of 2.13 million RB over the 2 week period but is the lowest mid-November total since the 15/16 crop year.
A private consultancy group, Agroconsult, estimates Brazil’s cotton acreage at 1.94 million hectares (4.79 million acres).
The Cotlook A Index was back down 25 points on November 21 at 91.15 cents/lb. The AWP for this week is 64.23 cents/lb and will be adjusted by FSA later this week. The Seam had sales of just 820 cash bales traded on November 21 at an average price of 69.66 cents/lb, down 2.04 cents vs. the previous day.
Dec 23 Cotton closed at 79.58, up 224 points, currently down 131 points
Mar 24 Cotton closed at 80.9, up 21 points, currently down 9 points
May 24 Cotton closed at 81.45, up 2 points, currently down 8 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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