May cotton futures dropped by another penny overnight, but the morning trade has front month cotton prices 20 to 76 points weaker. Prices rebounded after gapping lower into the new week. Old crop futures stayed 40 to 99 points weaker at the close, while new crop futures were up by 31 to 35 points to start the week.
The updated 7-day QPF from NOAA has heavy rain fall for central AL/GA of ~5”. The surrounding Southeast states should also expect rain, though the forecast dries up by central Texas.
The Cotlook A Index was 105.95 after a 105 point pullback. The Seam recorded 5,791 bales sold on 2/27 for an average price of 89.1 cents/lb. The AWP was updated to 77.47 cents/lb on Thursday afternoon, a 235 point increase from the week prior. ICE certified stocks were 1,022 bales as of 2/29.
May 24 Cotton closed at 94.58, down 99 points, currently down 76 points
Jul 24 Cotton closed at 93.37, down 40 points, currently down 62 points
Dec 24 Cotton closed at 83.26, up 31 points, currently down 46 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
