Cotton Firming at Midday

After multiple triple digit swings, the cotton market seems to be consolidating. Midday prices for the Tuesday session are within 5 points of UNCH. USDA’s Outlook Forum preliminary cotton acreage decline was shy of the average trade expectation, down less than 1m acres to 12 million. The preliminary outlook was not survey based, the first survey report is March Prospective Plantings Survey (3/31) and the official acreage estimate is set for June 30. USDA’s Daily Spot Quotations reported 1,706 bales in the 2/17 update citing the national average cash price of 85.04 cents. The Cotlook A index was 80 points better at 94.60 cents for Feb 17. The week’s new AWP for cotton is 70.32 cents/lb, through Thursday.

Mar 21 Cotton is at 88.31, down 5 points,
May 21 Cotton is at 89.89, down 4 points
Jul 21 Cotton is at 90.71, unch
Dec 21 Cotton is at 84.99, down 1 points

--- provided by Brugler Marketing & Management

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