Front month cotton gains are limited to 40 points for the midday prints. Futures are trading mostly in the black, though the lead month May contract is 3 points in the red. May has traded within a 170 point range so far for the midweek session.
NASA’s Grace Rootzone soil moisture map has the Gulf states much nearer to the historical average levels than at the same time last year. Last year, TN/AR/LA/MS had surplus while TX/OK/AL/ and S. GA were dry.
The Cotlook A Index weakened further by 40 points to 101.20 cents/lb on 3/12. The Seam reported 8,510 bales sold online on 3/7 with an average gross price of 87.17 cents. The AWP is 76.88 cents/lb, in effect through Thursday. ICE certified stocks were 21,233 bales as of 3/8.
May 24 Cotton is at 95.2, down 3 points,
Jul 24 Cotton is at 94.61, up 2 points,
Dec 24 Cotton is at 83.96, up 29 points
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