Cotton futures are left out of the row crop rally on Tuesday with the market pulling another 120 to 212 points out of the premium. The December contract’s chart gap is still down at 108 and change.
NOAA’s 7-day QPF has as much as 7” of rain in the forecast for most of the cotton area in the Gulf. From Georgia north to Virginia most of the rainfall will be offshore, with mostly less than 1 1/2” in the fields.
USDA reported 88% of the cotton crop was setting bolls as of 8/21, with 19% opening. The 5-yr average development would be 85% setting pods and 18% opening. Cotton conditions were 10 points lower on the Brugler500 index to a 278. Kansas was down the most from last week with a 24 point drop to 275. TX cotton was still at the bottom of the reported states with a 225 reading.
The Cotlook A Index (old crop) was back up by 325 points to 134.25 cents. USDA’s AWP for cotton is 101.90 cents/lb through Thursday.
Oct 22 Cotton is at 116.69, down 120 points,
Dec 22 Cotton is at 112.55, down 159 points,
Mar 23 Cotton is at 109.47, down 177 points
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