
Cotton futures are posting limit gains in the front months, excluding thin October. A cut to the US production number by NASS is pushing things at midday.
USDA’s Crop Production report showed an increase to US abandonment, with harvested acres at 7.13 million, down 1.42 million. Yield was also cut by 24 pounds per acre to 846 lbs. That took production to 12.57 million bales, down 2.93 million vs. July. US ending stocks via the WASDE were down 600,000 bales to 1.8 million, with a sharp 2 million bale cur to exports.
The update to the monthly WASDE report showed world numbers also tightening, with stocks down 1.49 million bales to 82.77 million.
The Cotlook A Index (old crop) was up 200 points at 119.20 cents on 8/11. USDA’s AWP for cotton was down 1.29 cents on Thursday, to 88.15 cents/lb.
Oct 22 Cotton is at 114, up 356 points,
Dec 22 Cotton is at 108.59, up 400 points,
Mar 23 Cotton is at 105.64, up 400 points