Cotton futures are trading 35 higher to 21 lower this morning, with new crop weaker. Cotton prices faded during the afternoon portion of Wednesday, closing the day 32 to 50 points in the red. March ’23 prices were down just 10 points at the settle. USDA left the projected cash price for the 21/22 season at 90 cents/lb.
USDA left the cotton balance sheet alone in the March WASDE, maintaining a 3.5m bale carryout – or a 20% stocks to use. World cotton stocks were trimmed 1.74 MMT to 84.31 MMT, on a lighter production forecast from India. The world stocks to use was figured at 66.3%, compared to 67.7% last month.
The 3/2 Cotlook A index was back up by 365 points to 138.7 cents. The AWP for was lowered by 103 points to 112.71 cents/lb. Certified stocks were 572 bales on 3/8.
May 22 Cotton closed at 117.47, down 50 points, up 13 this morning
Jul 22 Cotton closed at 113.21, down 32 points, up 35 this morning
Dec 22 Cotton closed at 101.69, down 38 points, down 21 this morning
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