Cotton futures recovered triple digits on Turnaround Tuesday. The March contract remained a 311 point premium to the May price at the close. New crop cotton ended the session with 67 to 111 point gains and set new LOC highs.
December cotton exports were confirmed at 863,165 bales according to the recent Census data. That was an 81% increase from November ‘21’s export but still a 6-yr low for the month of December. Through the first 5-months, Census data shows the season’s export program is 3.314m bales. That is down from 6.29m bales during the same period last season and is 22% of the USDA forecasted MY total (which will be updated in tomorrow’s WASDE).
USDA’s Daily Spot Quotations report from 2/8 had 9,185 bales sold at spot. The Cotlook A index for 2/7 was down by 70 points to 140.80 cents/lb. The week’s AWP for cotton is 116.10 c/lb.
Mar 22 Cotton closed at 127.15, up 158 points,
May 22 Cotton closed at 124.04, up 104 points,
Dec 22 Cotton closed at 105.35, up 92 points
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