Nearby cotton futures prices are trading with triple digit gains through Tuesday’s midday. December is up 232 points to 93.38 so far, with July ’23 gaining 249 to 86.45. The market is still inverted, with the October to December spread at nearly 6 cents.
According to the NASS Crop Progress report, 80% of the 22/23 cotton was squaring. That matches the average pace. 48% of crops were setting bolls, compared to 31% last week and 38% on average. Conditions worsened to just 34% good/ex and a 294 on the Brugler500 Index. That was down just 6 points from last week, but remains the lowest since 2011. Texas cotton conditions converted to a 258 on the Burgler500 Index.
The 7/25 Cotlook A Index (old crop) was weaker by another 110 points to 128.3 cents. USDA’s AWP for cotton is 103.96 cents/lb through Thursday.
Oct 22 Cotton is at 99.37, up 185 points,
Dec 22 Cotton is at 93.4, up 234 points,
Mar 23 Cotton is at 89.61, up 225 points
/Technology%20abstract%20by%20TU%20IS%20via%20iStock.jpg)
/Quantum%20Computing/A%20concept%20image%20with%20a%20brain%20on%20top%20of%20a%20blue%20circuit%20board_%20Image%20by%20Gorodenkoff%20via%20Shutterstock_.jpg)