Morning cotton futures are trading 21 to 25 points higher, though new crop is only up by 4. Front month cotton futures ended Tuesday mixed and within 10 points of UNCH. March contracts saw an 84 point range on the day, leaving behind a second doji candlestick on the daily chart. A strong US dollar provided resistance yesterday.
USDA’s weekly Cotton Market Review had 42,224 bales sold during the week with prices averaging 76.75 cents. The Seam reported 22,424 bales were sold online on 1/11 for an average gross price of 75.71 cents/lb. The Cotlook A Index was 25 points stronger on 1/9 to 90.65 cents/lb. The AWP was up by another 80 points to 64.96 cents/lb., effective through next Thursday.
Mar 24 Cotton closed at 81.33, up 2 points, currently up 25 points
May 24 Cotton closed at 82.28, down 1 points, currently up 25 points
Jul 24 Cotton closed at 82.95, up 1 points, currently up 21 points
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