Cotton futures initially firmed up another 30 points overnight into USDA Export Sales report, but a pullback has the board UNCH to 9 points in the red this morning. Prices have been on a bullish run since January 8, with a momentary pause on Tuesday before resuming on Wednesday. There were 15 to 82 point gains on Wednesday, with March futures the highest since October 30. New crop December remains at a 420 point discount to the March contract.
The Seam confirmed another 9,737 bales were sold on 1/23 for an average gross price of 72.14 cents/lb. The Cotlook A Index increased another 65 points on 1/23 to 94 cents/lb. ICE certified stocks were 1,949 bales as of 1/19. The AWP for cotton is 65.47 cents/lb through Thursday.
Mar 24 Cotton closed at 85.4, up 80 points, currently down 4 points
May 24 Cotton closed at 86.6, up 79 points, currently down 8 points
Jul 24 Cotton closed at 87.21, up 82 points, currently down 9 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
