Following the limited 4 cent bounce yesterday, the cotton market is currently down 107 to 125 points of the 500 expanded limit. For December yesterday left the board under Tuesday’s high, but still 728 points above the Tuesday low. July cotton closed 416 points higher to $1.04 28/100. There were 2 delivery notices issued against July for today. Open interest in July futures continues to shrink rapidly.
Cotton acreage estimates ahead of the NASS report range 11.9m to 12.75m. If realized the 12.26m average would be a just a 2,000 acre boost from March’s 12.24m.
The online cotton trading platform, The Seam, reported 792 bales were sold at spot on 6/28 for an average gross price of 96.23 cents. That was the lowest average price since September 28th and the first time being under $1 since December. The 6/28 Cotlook A index was $1.36/lb after another 420 point drop. The Adjusted World Price for cotton is 135.95 c/lb through Thursday.
Jul 22 Cotton closed at 104.28, up 416 points, currently up 416 points
Dec 22 Cotton closed at 97.48, up 400 points, currently down 100 points
Mar 23 Cotton closed at 93.4, up 400 points, currently down 103 points
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