Cotton prices were up triple digits on Tuesday trading, with May’s 363 point gain recovering back to mid-Feb levels. May was still 252 points under their prior LoC high. New crop cotton trading rallied Dec back to above $1 on the triple digit bounce.
NASS data showed 1,072 RBs of cotton were consumed on the spinning system during January. That was up 6% from Jan 2021, but down y 9.4% from December’s mill use. Cotton stocks were 4,748 RBs on the last Sat of Jan, tighter than Jan ’21 but above December’s 4.5k RBs.
The Seam reported 7,918 bales were sold on 2/28 for an average gross price of 113.85 cents. The 2/28 Cotlook A index was down another 55 points to 134.65 cents/lb. The Adjusted World Price for cotton for the week is 113.74 cents/lb.
May 22 Cotton closed at 122.75, up 363 points,
Jul 22 Cotton closed at 119.22, up 340 points,
Dec 22 Cotton closed at 103.03, up 267 points
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