Cotton Keeps Climbing

The cotton futures complex gained triple digits in old crop futures. For May, the 102 point gain was the 9th consecutive higher close, and has increased 19% since the turn of the calendar year. Preliminary open interest data for March show just 25 contracts left trading as of 2/23. There were 8 new delivery notices against March contracts with Wells Fargo stopping them. MTD deliveries is 41 contracts, all issued via Term Commodities. Crude oil futures also continue higher. USDA’s Daily Spot Quotations report showed 3,309 bales sold via the 2/24 report. USDA maintained the -4.89 cent basis. The Cotlook A index was a stark 175 points higher on Feb 23, up to 97.35 cents. The week’s AWP for cotton is 73.13 cents/lb., in effect through Thursday. ICE certified stocks are still at 100,326 bales through 2/23.

Mar 21 Cotton closed at 92.33, up 96 points,
May 21 Cotton closed at 93.69, up 102 points
Jul 21 Cotton closed at 94.33, up 100 points
Dec 21 Cotton closed at 87.66, up 91 points

--- provided by Brugler Marketing & Management

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