Monday’s cotton trading session closed with old crop July 44 points weaker to triple digit gains in the new crop futures. July cotton traded in a wide 463 point range to start the week, but ultimately went home nearer to the low. December cotton futures printed a tighter 294 point range and settled just 20 points off the day’s high.
The 22/23 cotton crop was 84% planted as of 6/5, according to the Crop Progress report. That is up from 68% planted last week and the 5-yr average pace of 76%. Planting in TX was marked 82% finished. 11% of the national crop was squaring, up from 7% last week and the 10% average. Cotton conditions from the report converted to a 336 on the Brugler500 index. That is up from 327 initially. TX, AL, and SC improved over the week, while TN and KS worsened by 24 and 19 points respectively. Texas cotton scored a 304 on the Brugler500.
The Seam reported 407 bales were sold at spot on 6/1, for an average $1.25 selling price per pound. The Cotlook A index for 6/1 was another 50 points lower to 156.95. USDA’s AWP for cotton is 135.36 cents/lb for the week through Thursday.
Jul 22 Cotton closed at 137.74, down 44 points,
Dec 22 Cotton closed at 119.8, up 190 points,
Mar 23 Cotton closed at 115.11, up 166 points
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