Cotton is backing off the overnight highs, but old crop futures are still up by triple digits into Tuesday. The old crop cotton market was up by as much as 78 points to finish the first trading day of the week. New crop futures were mixed as Mar ’25 closed UNCH and May ’25 went home 11 points in the red.
Analysts are looking for Thursday’s Planting Intentions report to show between 10.4m and 11.3m acres for 2024/25 cotton. The average 11.3m acre estimate would be a 1.1m acre increase from last year and is 300k acres larger than USDA’s Outlook Forum assumptions in February.
The Cotlook A Index for 3/21 was 85 points lower to 97 cents flat. The AWP was revised 360 points lower to 72.50 cents per pound, in effect for farm program purposes through next Thursday. ICE certified stocks were shown at 41,756 bales as of 3/20.
May 24 Cotton closed at 92.12, up 59 points, currently up 112 points
Jul 24 Cotton closed at 92.63, up 78 points, currently up 100 points
Dec 24 Cotton closed at 84.04, up 9 points, currently down 4 points
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