Cotton Recovers for Mixed Close on Monday
Cotton prices rebounded after gapping lower into the new week. Old crop futures stayed 40 to 99 points weaker at the close, while new crop futures were up by 31 to 35 points to start the week.
The updated 7-day QPF from NOAA has heavy rain fall for central AL/GA of ~5”. The surrounding Southeast states should also expect rain, though the forecast dries up by central Texas.
The Cotlook A Index was 105.95 after a 105 point pullback. The Seam recorded 5,791 bales sold on 2/27 for an average price of 89.1 cents/lb. The AWP was updated to 77.47 cents/lb on Thursday afternoon, a 235 point increase from the week prior. ICE certified stocks were 1,022 bales as of 2/29.
May 24 Cotton closed at 94.58, down 99 points,
Jul 24 Cotton closed at 93.37, down 40 points,
Dec 24 Cotton closed at 83.26, up 31 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 Barchart Disclosure Policy here.
