Tuesday’s cotton futures are trading with triple digit gains so far at midday in the old crop contracts. The new crop futures are mixed, but mostly higher within 10 points of UNCH.
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 is at 93.62, up 160 points,
Jul 24 Cotton is at 93.97, up 142 points,
Dec 24 Cotton is at 84.13, up 12 points
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