May Cotton Closed Expiration Gap with Limit Rally
With March cotton officially off the board – having expired at 99.14 cents, the May contract rallied a limit 4c to close off the expiration gap. The other futures were also 101 to 379 points higher at the close.
FAS reported 52k RBs of cotton was sold for export during the week that ended 2/29. That was up from the MY low last week but still 100k RBs shy of the 4-wk average. The week’s exports were listed at 331k RBs.
The Cotlook A Index fell by 30 points to 101.05 cents/lb on 3/5. The Seam had 4,664 bales sold on 3/4 for an average gross price of 88.63 cents/lb. The AWP was down 59 points to 76.88 cents/lb. ICE certified stocks were 1,636 bales as of 3/4.
Jul 24 Cotton closed at 97.78, up 379 points,
Oct 24 Cotton closed at 88.29, up 256 points,
Mar 25 Cotton closed at 84.67, up 103 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.
