Cotton prices are extending Tuesday gains into Wednesday, up 40 to 139 points at midday. Nearby July is by far the strongest. Bulls point toward improved export sales in recent weeks, while bears note that shipments aren’t keeping pace. The marketing year ends July 31.
Crop Progress data showed Texas planting pace 1% behind average at 62%, with GA 4% back of normal at 77%. Condition ratings saw several state conditions drop 5 points or more, with TX down 5 and GA 6 points lower.
ICE certified cotton stocks were up 1,039 bales on June 3 at 126,714 bales. The Cotlook A Index was down another 165 points on June 3 at 85.15 cents/lb. The USDA Average World Price (AWP) was raised 429 points to 64.37 cents/lb and will be in effect until Thursday.
Jul 24 Cotton is at 74.87, up 139 points,
Dec 24 Cotton is at 73.93, up 42 points,
Mar 25 Cotton is at 75.61, up 40 points
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