Cotton prices are trading 2 to 12 points in the red on Wednesday morning. Overnight, the March contract traded in a 52 point range from -31 to +21. Old crop cotton prices started to cool off a bit on Turnaround Tuesday, closing with 5 to 23 point losses while new crop finished with 13 to 40 point gains. The stock market as measured by the E-mini futures posted a new all time high yesterday and extended the gains on Tuesday evening. Interest rates (10 year) rose but basically erased the Monday decline.
The S&P Global cotton area estimate was 10.675 million acres for 24/25.
The Seam confirmed another 23.883 bales were sold on 1/19, to top the 22k on Thursday, for an average gross price of 75.84 cents/lb. The Cotlook A Index was 140 points stronger on 1/22 to 93.35 cents. ICE certified stocks were 1,949 bales as of 1/19. The AWP for cotton is 65.47 cents/lb through Thursday.
Mar 24 Cotton closed at 84.6, down 23 points, currently down 2 points
May 24 Cotton closed at 85.81, down 5 points, currently down 4 points
Jul 24 Cotton closed at 86.39, up 13 points, currently down 5 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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