Mixed Close in Cotton Market
Cotton prices finished the trading session with 29 to 37 point gains in new crop, but 25 to 33 point losses in old crop. My futures printed 170 point range for the midweek session. The May/Dec spread tightened to a 10.94 cent/lb new crop discount.
NASA’s Grace Rootzone soil moisture map has the Gulf states much nearer to the historical average levels than at the same time last year. Last year, TN/AR/LA/MS had surplus while TX/OK/AL/ and S. GA were dry.
The Cotlook A Index weakened further by 40 points to 101.20 cents/lb on 3/12. The Seam reported 8,510 bales sold online on 3/7 with an average gross price of 87.17 cents. The AWP is 76.88 cents/lb, in effect through Thursday. ICE certified stocks were listed at 26,665 bales as of 3/12.
May 24 Cotton closed at 94.9, down 33 points,
Jul 24 Cotton closed at 94.34, down 25 points,
Dec 24 Cotton closed at 83.96, up 29 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.
