Front month cotton futures are trading 13 to 17 points higher into the day session. Overnight March futures saw a 75 point trading range from -43 to +32. The Wednesday cotton session was back up by 87 to 100 points for Wednesday. The Dollar Index was up again on Wednesday for the 4th straight session and a net 1.541 increase.
NOAA’s 7-day QPF has heavy rainfall for the Gulf and as much as 10” accumulating for the FL panhandle. Most of the inland cotton area can expect at least 2”, though TX will miss out. The most recent Drought Monitor from 12/28 had most of LA and AL in D3-D4 drought.
The Cotton Grower magazine Acreage Survey for 2024 shows intentions for 10.19 million acres vs. USDA’s 2023 figure of 10.23 million. The survey showed plans for a less than 1% increase in the KS/OK/TX region, with declines in the West and Southeast.
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 closed at 80.93, up 99 points, currently up 18 points
May 24 Cotton closed at 82.07, up 99 points, currently up 19 points
Jul 24 Cotton closed at 82.8, up 94 points, currently up 17 points
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