The triple digit rallies for the midday cotton market has futures flipping back to net higher for the week’s move. May is currently 113 points higher, for the day and a 6 point gain for the week.
NOAA’s 7-day QPF has heavy rainfall for the gulf with as much as 10” accumulated for the FL panhandle. Most of the inland cotton area can expect at least 2”, though TX will miss out. The current drought monitor from 12/28 had most of LA and AL in D3-D4 drought.
The Cotton Growers Acreage Survey for 2024 shows intentions for 10.19 million acres vs. USDA’s 2023 figure of 10.23 million.
The Seam reported 13,493 bales of cotton was sold online on 12/27 with an average gross price of 74.09 cents/lb. The Cotlook A Index was 91.40 on 1/2, UNCH from the day prior. The AWP was 36 points higher for the week at 64.16 cents/lb.
Mar 24 Cotton is at 81.2, up 126 points,
May 24 Cotton is at 82.3, up 122 points,
Jul 24 Cotton is at 82.96, up 110 points
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