Front month cotton futures are still net in the red for the week through Wednesday’s midday, though the triple digit recovery has offset most of the drop out of the 3-day weekend. Dec futures are up by 51 points so far for the session. 

An NCC acreage intentions survey released at the 2024 National Cotton Council Annual Meeting showed only 9.8 million acres of intentions to the US in 2024. Upland cotton was estimated at 9.6 million  and 200,000 acres of ELS types.  The farmer surveys were completed in mid-January and may not reflect sentiment after the stout rally in December futures during February. Plantings in major producer Texas were seen down 5.2%. On February 14, the USDA OCE put out a much different assessment at 11 million acres. 

The Cotlook A Index was 101.6 cents/lb on 2/19, having faded by 75 points. USDA’s weekly Cotton Market Review showed 26,614 bales were sold during the week, averaging 88.52 cents/lb. The updated AWP was listed at 73.44, another 340 points higher for the week. ICE certified stocks remained at 999 bales for 2/15. 

Mar 24 Cotton  is at 93.67, up 248 points,

May 24 Cotton  is at 93.83, up 214 points,

Jul 24 Cotton  is at 93.51, up 197 points