Cotton futures are another 5 to 24 points higher into Wednesday’s day session. Front month cotton futures were 11 to 31 points higher on Tuesday. That left the March contract with a net 54 point gain for the day. Dec remains at a net 128 point discount to the old crop March contract.
Monthly cotton shipments were shown at 557,636 bales for November. That compared to 390k bales in October and 756k during Nov ’22. The season’s total shipment reached 2.64 million bales via the Census data. That compares to 3.3m last year and is 21.6% of the WASDE full year forecast through the first 5 months.
The Cotlook A Index stayed at 91.40 on for 1/8. The Seam had 4,046 bales sold online for an average gross price of 72.15 cents/lb for 1/8. The AWP was up by another 80 points to 64.96 cents/lb.
Mar 24 Cotton closed at 80.73, up 31 points, currently up 21 points
May 24 Cotton closed at 81.8, up 31 points, currently up 16 points
Jul 24 Cotton closed at 82.57, up 28 points, currently up 19 points
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