Cotton futures were mostly in the black overnight, though March never traded more than +20 points. The AM prints are within 3 points of UNCH for old crop and are +10 to +13 in new crop. Tuesday’s cotton futures ended the session 17 to 52 points in the black led by March. Futures had paused their bull spreading intra-crop year on Monday and early on Tuesday, but the old-new crop spread was back to 351 points going home on Tuesday. A sharply lower US dollar index boosted commodity prices in general. The Goldman Sachs Commodity Index hit the highest reading since November 30.
The Federal Reserve’s Federal Open Market Committee will announce their decision and justification for the Federal Funds Rate through March 20th. Most traders are expecting no change from the 5.25%-5.5%.
The Cotlook A Index was 130 points lower to 93.55 cents/lb on 1/29. The Seam reported 8.2k bales were sold online for an average gross price of 77.36 cents/lb on 1/29. The AWP increased by 217 points to 67.64 cents for the week. ICE certified stocks were 999 bales as of 1/26.
Mar 24 Cotton closed at 84.78, up 52 points, currently up 3 points
May 24 Cotton closed at 86.06, up 49 points, currently down 2 points
Jul 24 Cotton closed at 86.83, up 48 points, currently UNCH
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