Triple Digit Strength in Cotton Mark
The majority of Wednesday’s decline in cotton prices was erased on Thursday. By 174 to 214 points, futures were up at the bell. March contracts are still down by a net 79 points for the week.
According to Census data, cotton exports in November totaled 760k bales. That was up 39% from October and was 60% higher year over year. 3.241 million bales of cotton were cumulatively exported for the first four months of the season, which is officially 26.5% of the WASDE forecast. Seasonally, the peak months for cotton shipments are February and March.
For an average gross price of 75.18 cents on January 4, 1,789 bales were sold online, according to The Seam. On 1/04, the Cotlook A Index dropped 20 points to 99.80 cents. After the close, the AWP, which is currently 74.50, will be revised.
- Mar 23 Cotton closed at 82.58, up 214 points
- May 23 Cotton closed at 82.62, up 210 points
- Jul 23 Cotton closed at 82.56, up 210 points
Reference: https://www.barchart.com/story/news/13062489/triple-digit-strength-in-cotton-market
