Midday cotton futures are rallying 17 to 73 points, led by the old crop contracts. March contracts are at levels not seen since early December. Dec is now a 244 point discount to March futures.
The updated 7-day QPF from NOAA has heavy accumulations for the TX/LA Gulf, with as much as 7” expected over the coming week. South Central TX to Northern GA will see at least 1” over the coming week. The updated Drought Monitor still had Southern TX and most of LA/MS in D3-D4 drought.
The weekly Export Sales report will be pushed back to Friday because of the Martin Luther King Day government holiday on Monday.
The Cotlook A Index remained at 91.65 cents/lb for 1/17. The Seam reported 4,366 bales were sold online on 4/16 for an average gross price of 74.04 cents. The AWP is 64.96 cents/lb., effective through this afternoon.
Mar 24 Cotton is at 82.36, up 66 points,
May 24 Cotton is at 83.29, up 60 points,
Jul 24 Cotton is at 83.84, up 49 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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