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Cotton Futures Gaining into Thursday
Cotton futures are another 20 to 58 points higher ahead of this morning’s USDA Weekly Export Sales report. The cotton market continued to rally on Tuesday, with the midweek gains led by the front months 196 to 232 point jump. Other contracts were 53 to 98 points higher. This morning’s Ag Outlook Forum from USDA had cotton acreage estimated at 11 million acres this for this spring. That is a 7.5% increase vs. a year ago. Analysts surveyed ahead of the report expected a modest 300-400,000 acre increase vs. 2023. 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, currently up 58 points May 24 Cotton closed at 94.38, up 232 points, currently up 37 points Jul 24 Cotton closed at 94.39, up 221 points, currently up 30 points Dec 24 Cotton closed at 84.59, up 98 points, currently up 16 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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