The morning triple digit gains have flipped the board to net higher for the week’s move. After a sharp drop out of the 3-day weekend, nearby cotton futures closed the session with 39 to 154 point gains on Wednesday. That left March with a net weekly loss of 127 points for the first 2 sessions. The March/Dec spread was at 923 points at the close. 

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  closed at 92.51, up 132 points, currently up 140 points

May 24 Cotton  closed at 92.99, up 130 points, currently up 143 points

Jul 24 Cotton  closed at 92.6, up 106 points, currently up 102 points