Cotton Fades to Close Mixed

After posting midday gains, front month cotton futures closed the Monday session mixed. Old crop prices were down 32 to 45 points. New crop futures were 3 points in the red for December, but 7 points in the black for March. OI in October futures remains minimal, at just 29 contracts as of 4/16. October futures were 18 points higher on the day.

Cotton planting progressed 3 percentage points to 11% complete during the week ending 4/18. The 5-yr national average pace is 9%. TX is 16% planted, compared to their 13% average pace, and GA is 5% planted, up from the 3% average.

USDA’s DSQ reported 995 bales sold, and basis improved to -4.18 cents/lb. The MYTD spot sales were up to 1.33m bales. The Cotlook A index was 92.25 cents/lb for 4/16 after another 75 point increase. USDA’s AWP for cotton is 68.16 cents/lb through Thursday.

May 21 Cotton  closed at 83.26, down 45 points,

Jul 21 Cotton  closed at 84.71, down 32 points,

Dec 21 Cotton  closed at 82.5, down 3 points

Market Commentary provided by:

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