Alan Brugler - Barchart
Wed Jun 29,
The front month cotton futures market was locked limit higher for most of the Wednesday session. For December that left the board under Tuesday’s high, but still 728 points above the Tuesday low. July cotton closed 416 points higher to $1.04 28/100. There were 18 delivery notices issued against July. Cotton acreage estimates ahead of the NASS report range 11.9m to 12.75m. If realized the 12.26m average would be a 2k acre boost from March’s 12.24m.
The online cotton trading platform, The Seam, reported 792 bales were sold at spot on 6/28 for an average gross price of 96.23 cents. That was the lowest average price since September 28th and the first time being under $1 since December. The 6/28 Cotlook A index was $1.36/lb after another 420 point drop. The Adjusted World Price for cotton is 135.95 c/lb through Thursday. Jul 22 Cotton closed at 104.28, up 416 points, Dec 22 Cotton closed at 97.48, up 400 points, Mar 23 Cotton closed at 93.4, up 400 points. (Source: barchart.com)