AM Cotton Trading Mixed

Cotton futures are working both directions this morning though most moves are within 20 points of UNCH heading into the USDA reports later this morning. March cotton expired yesterday at 99.14 cents. The May contract rallied a limit 4 cents or 400 points to close off the expiration gap. The other futures were also 101 to 379 points higher at the close. 

CFTC data showed unfixed call volumes were down on 3/1 from the week prior in old crop, while Dec ’24 saw 1,852 new call sales and 4,852 new call purchases. While old crop’s unfixed on-call purchases are unwinding, there are still 139,700 for May and 70,777 for July. 

FAS reported 52k RBs of cotton was sold for export during the week that ended 2/29. That was up from the MY low last week but still 100k RBs shy of the 4-wk average. The week’s exports were listed at 331k RBs. 

The Cotlook A Index fell by 30 points to 101.05 cents/lb on 3/5. The Seam had 4,664 bales sold on 3/4 for an average gross price of 88.63 cents/lb. The AWP was down 59 points to 76.88 cents/lb. ICE certified stocks were 1,636 bales as of 3/4. 

Jul 24 Cotton  closed at 97.78, up 379 points, currently up 16 points

Oct 24 Cotton  closed at 88.29, up 256 points, currently up 46 points

Mar 25 Cotton  closed at 84.67, up 103 points, currently down 6 points