Cotton prices saw a 111 point range on Thursday with trades on both sides of UNCH. At the close futures were 23 to 42 points higher for old crop and UNCH to 2 points weaker in new crop. The current March quote is now a 221 point premium to Dec ’24, compared to 226 at the start of the month, and 8.16 cents at the Sep high.
The updated Drought Monitor showed N. TX improved slightly from last week but there is still D3-D4 level drought within nearly every state in the cotton belt. Last year KS and OK were worse off at this time, though the Southeast is 11.8% points more in drought including 2.5% points more in D3-D4.
The Seam reported 13,493 bales of cotton was sold online on 12/27 with an average gross price of 74.09 cents/lb. The Cotlook A Index for 12/27 was a penny stronger at 90.40 cents/lb. The AWP was 36 points higher for the week at 64.16 cents/lb.
Mar 24 Cotton closed at 80.95, up 42 points,
May 24 Cotton closed at 81.9, up 34 points,
Jul 24 Cotton closed at 82.42, up 23 points
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