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Cotton Extends Rally into Wednesday
The cotton market continued to rally, with the midweek gains led by the front months 196 to 232 point jump. Other contracts were 53 to 98 points higher. The trade is looking for USDA’s Ag Outlook Forum to show 10.7 million cotton acres this spring. That would be just a slight 400,000 acre increase vs. last year if realized. The Cotlook A Index was 80 points weaker on 2/13 to 98.85 cents. The Seam reported 6,099 bales sold on Monday at an average price of 86.98 cents/lb. The AWP is 70.04 cents/lb. It will be updated on Thursday. Mar 24 Cotton closed at 93.48, up 196 points, May 24 Cotton closed at 94.38, up 232 points, Jul 24 Cotton closed at 94.39, up 221 points Dec 24 Cotton closed at 84.59, up 98 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. |
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