Thursday’s cotton trading finished with futures 7 to 81 points in the black. The old crop contracts rallied more than new crop widening the March-Dec difference to 265 points.
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.
ICE certified stocks were 1,949 bales as of 1/17. The online cotton trading platform, The Seam, had 19,573 bales sold on 1/17 for an average gross price of 75.43 c/lb. The Cotlook A Index remained at 91.65 cents/lb for 1/17. The Adjusted World Price for cotton is 65.47 cents/lb via the FSA’s update. That is up 51 points vs the previous week.
Mar 24 Cotton closed at 82.51, up 81 points,
May 24 Cotton closed at 83.39, up 70 points,
Jul 24 Cotton closed at 83.96, up 61 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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