Cotton Adds 2c to the Rally
The cotton market had gotten to the expanded 5 cent limit earlier in the session, but futures backed off for a mixed close on Wednesday. Old crop prices were up by 204 to 232 points, as new crop futures faded by as much as 61 points.
Tightening US stocks and still decent export demand has the market doing its best to ration out demand with higher prices.
The Cotlook A Index dropped by 80 points to 100.70 cents for 2/26. The Seam recorded 5,791 bales sold on 2/27 for an average price of 89.1 cents/lb. The AWP was 168 points stronger at 75.12 cents. ICE certified stocks were 997 bales as of 2/21.
Mar 24 Cotton closed at 103.07, up 232 points,
May 24 Cotton closed at 101.08, up 228 points,
Jul 24 Cotton closed at 99.72, up 204 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.
