Alan Brugler - Barchart
Mon Feb 6,
Cotton futures ended the Monday trade with triple digit losses of 142 to 216 points. The March contract dropped to levels near mid-Jan. New crop December closed at a premium to the March contract for the first time since the spread could be traded in April of 2021. At the peak – in May of ’22, March ’23 was a 29.87c premium to Dec ‘23.
Some analysts are looking for the National Cotton Council’s 2023 planting intentions to show 10.2m acres. That would be down 3.56 million acres from last year’s planted area if realized.
The Seam reported 3,093 bales were sold on 2/03 for an average gross price of 81.72 cents. The 2/03 Cotlook A Index was up by 75 points to 101.70 cents/lb. The AWP for cotton is 75.24 cents for the week.
Mar 23 Cotton closed at 83.27, down 216 points, May 23 Cotton closed at 84.11, down 200 points, Jul 23 Cotton closed at 84.85, down 187 points. (Source: Barchart.com)