Cotton is starting off your Friday morning another 4 to 31 points stronger with March near the overnight highs. Thursday’s cotton trading finished with futures 7 to 81 points in the black. The old crop contracts rallied more than new crop, widening the March-Dec difference to 265 points.
The updated 7-day QPF from NOAA has heavy accumulations for the TX/LA Gulf, with as much as 7” expected over the coming week. South Central TX to Northern GA will see at least 1” over the coming week. The updated Drought Monitor still had Southern TX and most of LA/MS in D3-D4 drought.
The weekly Export Sales report will be released this morning due to holiday delay on Monday.
ICE certified stocks were 1,949 bales as of 1/17. The online cotton trading platform, The Seam, had 19,573 bales sold on 1/17 for an average gross price of 75.43 c/lb. The Cotlook A Index remained at 91.65 cents/lb for 1/17. The Adjusted World Price for cotton is 65.47 cents/lb via the FSA’s update. That is up 51 points vs the previous week.
Mar 24 Cotton closed at 82.51, up 81 points, currently up 32 points
May 24 Cotton closed at 83.39, up 70 points, currently up 25 points
Jul 24 Cotton closed at 83.96, up 61 points, currently up 22 points
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