Cotton Futures Pull Back on Wednesday

Cotton suffered a triple digit midweek pullback following a multi-week rally as we head into month end. Futures closed 113 to 190 points in the red, but July prices are still up more than 9 cents MTD. May futures still have no deliveries through Tuesday, with OI at just 71 contracts.

NOAA’s updated 7-day QPF shows the area expecting rainfall consolidated, but the quantities expected increased. Now GA and E. AL are expected to mostly miss out on rain fall, but Central TX through E. OK and S. MO could get as much as 4.25” accumulated precip.

USDA’s 4/28 DSQ report showed 1,090 bales were sold at spot, bringing the MYTD spot sales to 1.3489 million. The Cotlook A index was another 40 points to 95.10 cents/lb on 4/27. The AWP for cotton is 70.49 cents/lb and will be updated after the close tomorrow.    

May 21 Cotton  closed at 88.74, down 133 points,

Jul 21 Cotton  closed at 89.52, down 190 points,

Dec 21 Cotton  closed at 86.07, down 113 points

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