Market Recap
Cotton had a turbulent day, fluctuating between negative and positive territory, before settling slightly higher, with May prices closing up by 3 points. This incline comes after a week where the commodity faced a downside move of 173 points.
Sales Report
Recent Export Sales data from the week ending 3/14 revealed 92,620 RBs of old crop cotton and 40.5k RBs of new crop were sold. Despite this activity, old crop commitments are currently trailing last year’s pace by 4%, with new crop commitments lagging by 27%.
Market Indicators
On 3/20, The Seam recorded the sale of 2,064 bales at an average gross price of 69.27 cents. The Cotlook A Index saw a 5 point decline, settling at 98.40 cents/lb. Additionally, the AWP was revised down by 360 points to 72.50 cents per pound. ICE certified stocks as of 3/20 stood at 41,756 bales.
End of Day Prices
May 24 Cotton closed at 92.21, up 3 points,
Jul 24 Cotton closed at 92.26, up 14 points,
Dec 24 Cotton closed at 83.92, up 12 points
On publication date, Alan Brugler did not hold positions in any of the securities mentioned. The information provided is for informational purposes only. For more details, refer to the Barchart Disclosure Policy.
The thoughts and views expressed here are those of the author and do not necessarily mirror those of Nasdaq, Inc.
