The front month cotton futures market is 81 to 193 points stronger. New crop prices are also gaining 68 to 73 points at midday. USDA left the average cash price for cotton at 90 cents/lb in the Monthly WASDE report.
USDA’s Monthly WASDE report saw 30k additional planted acres and 50k additional harvested acres for cotton. The yield was reduced by 36 lbs/acre to 849, leaving production 660k bales lighter at 17.62 million. Of that 200k was reflected in carryout which was reduced to 3.2m bales. USDA reduced exports by 500k bales on the lighter supply and slow shipments YTD, to 15 million flat.
The Seam reported 18,749 bales were sold on 1/10 for an average 107.95 cents. USDA’s Daily Spot Quotations report showed 19,144 bales of upland cotton was sold. The Cotlook A index for 1/10 was 95 points stronger at 128.15 c/lb. The AWP for cotton is 103.85 c/lb.
Mar 22 Cotton is at 117.8, up 178 points,
May 22 Cotton is at 114.99, up 110 points,
Dec 22 Cotton is at 95.95, up 68 points
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