Cotton Closes Mixed Ahead of First Notice Day
The cotton market reversed some of Tuesday’s intraday weakness, with contracts closing 18 to 70 points lower and 50-100 points off their lows. May was up 18 points ahead of first notice day on Wednesday. They shrugged off outside market strength, with crude oil up $1.54 and the US dollar index down 378 points.
The US cotton crop was 11% planted as of April 21 according to the NASS Crop Progress report. That matches both the 5-year average and last year’s pace. The largest state of TX was on pace with normal at 16% complete, with GA 4% and 1% behind normal.
ICE certified cotton stocks were up another 175 bales on April 22 at 176,785 bales. The Cotlook A Index was back up 50 points to 87.05 cents/lb on April 22. The AWP dropped another 325 points to 62.18 last week and is good through this Thursday.
May 24 Cotton closed at 80.15, up 11 points,
Jul 24 Cotton closed at 81.64, down 78 points,
Dec 24 Cotton closed at 78.09, down 40 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.