March Official Lead Cotton Contract

March futures took over as the new lead month officially, and is trading 7 points higher so far for Thursday. There were 815 delivery notices against the Dec contract this season. After a wide trading range saw action on both sides of UNCH, the cotton market settled Wednesday with gains of less than 20 points. March traded from -31 to +110 on the day. 

The Census confirmed cotton exports were 390,390 bales for October. That was a 41% drop from the Sep shipment and was 30% lighter than Oct ’22. The season’s sum reached 2.08m bales through the first three months, compared to 2.54m bales during last year. 

The Seam recorded 10,525 bales for the 12/05 sale, with the average gross price listed at 73.18 cents/lb. The Cotlook A Index backed off by 50 points back to 89.80 cents/lb. The AWP was 64.18 cents/lb. It will be updated Thursday after the close by USDA. ICE stocks were shown at 6,186 bales for 12/5. 

 

Mar 24 Cotton  closed at 79.75, up 7 points, currently up 7 points

May 24 Cotton  closed at 80.45, up 18 points, currently up 11 points

Jul 24 Cotton  closed at 80.93, up 20 points, currently down 6 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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