Cotton Closes in Black

Cotton futures ended the midweek session in the black. Old crop futures rallied off of midday weakness and closed 24 and 42 points higher. New crop prices also rallied from midday levels, as the triple digit gains pushed contracts back above 80 cents. Through March, Dec cotton traded 4.59 cents lower, but the inverse from May to Dec tightened by 3.73 cents to 78 points.  

USDA’s Prospective Plantings report showed 12.036 million acres are intended for new crop all cotton production, including 11.894 million upland. The range of estimates was to see 11.4 – 13 million acres. Last year’s planting intentions in March was 13.7m acres, but final acreage was only 12.1 million.

The online cotton trading platform The Seam reported 2,834 bales sold for an average price on 76.86 cents/lb. USDA’s Daily Spot Quotations report cited 1,303 bales were sold in the 3/31 release. The Cotlook A index for 3/30 was 10 points higher to 87.20 cents/lb. USDA’s AWP for cotton to 68.55 cents/lb, and will be updated tomorrow.

May 21 Cotton  closed at 80.88, up 24 points,

Jul 21 Cotton  closed at 82.17, up 42 points,

Dec 21 Cotton  closed at 80.1, up 118 points




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