Alan Brugler – Barchart
Wed Mar 22,
Cotton settled with 27 to 43 point gains for the front months through Dec. The deferred contracts were 4 points in the red for March and 23 points lower in May. That expanded the new crop’s inverses to 35 points Dec to Mar and 30 points Mar to May.
The new target FED funds rate is 4.75% to 5% after the FOMC hiked rates by another 25 basis points.
The Seam reported 1,784 bales were sold on 3/21 for an average gross price of 73.09 cents/lb. The 3/21 Cotlook A Index was down 50 points to 91.80 cents/lb. The AWP for cotton is 68.58 cents/lb, through Thursday. May 23 Cotton closed at 78.28, up 43 points, Jul 23 Cotton closed at 78.89, up 44 points, Dec 23 Cotton closed at 79.81, up 27 points. (Source: Barchart.com)