Mixed Cotton Market into Wednesday

Cotton futures are following Tuesday limit moves with mixed response this morning. July is UNCH and Oct is down triple digits on thin OI, December and March are each down 40 while the deferred new crop contracts are up by as much as 16. The front month cotton futures complex ended the day with the limit 4 cent losses. July ’23 closed 373 points lower and did not reach the limit. Old crop July’s preliminary OI was just 70 contracts as of Friday. 

USDA’s weekly Crop Progress report showed 44% of the cotton crop was squaring, up from 33% last week and matching the 5-yr average for the week of 7/3. 13% of the national crop was setting bolls, compared to 12% on average. Cotton conditions were down 6 points wk/wk to a 292 on the Brugler500 Index. That came despite MS bouncing 28 points to a Brugler500 score of 373. TX is still holding down the average with a 242 on the Brugler500 Index. 

The Cotlook A Index was 380 points firmer to 139.30 cents. USDA’s Adjusted World Price for cotton was lowered another 19.12 cents to 116.83 cents/lb. ICE certified stocks continue climbing, up another 483 bales to 13,733 as of 6/30. 

Jul 22 Cotton  closed at 99.68, down 400 points, currently UNCH

Dec 22 Cotton  closed at 93.48, down 400 points, currently down 40 points

Mar 23 Cotton  closed at 89.37, down 400 points, currently down 42 points