US Cotton Futures and Crop Progress Update: May 2023

Cotton futures are currently trading with contracts showing declines of 18 points and slight gains in some nearby contracts this Tuesday. Meanwhile, crude oil prices have risen by $1.80 per barrel. In financial markets, the US dollar index decreased by $0.714, now standing at 100.890.

Cotton Planting Progress Behind Schedule

Recent Crop Progress data indicates that 28% of the US cotton crop has been planted as of May 11, falling short of the 31% average planting pace for this time of year. In Texas, planting progress trails the average by 2 points at 27%, while Georgia is at 24%, also behind the 28% average.

Market Activity and Price Updates

The online auction held by The Seam on Friday reported sales of 1,415 bales at an average price of 68.86 cents per pound. The Cotlook A Index remained steady on Monday at 78.25. Additionally, ICE cotton stocks increased by 4,990 bales as of May 12 due to new certifications, reaching a current total of 27,240 bales. The USDA’s Adjusted World Price (AWP) dropped by 13 points last Thursday to 54.81 cents per pound.

Cotton Futures Pricing

July 25 Cotton: 66.45, down 18 points
October 25 Cotton: 69.55, up 66 points
December 25 Cotton: 68.86, up 1 point

On the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. All information and data provided herein are for informational purposes only. For more details, please review the Barchart Disclosure Policy here.

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