Cotton Gains on Monday

New crop cotton futures faded morning highs through the afternoon, but the late session rally left prices 2to 13 points in the black. Old crop cotton futures stayed in the black and closed Monday 35 to 42 points higher.

NOAA’s 7-day QPF has 0.75 – 2” of rain forecasted for the S. Delta. N. GA will mostly miss out, but Southern GA may get up to 1 1/2” accumulated. Along the N. TX boarder, rain accumulation will be 1.75” to 2.5” for the coming week. Heavier precip is in the forecast for the border of Oklahoma and Arkansas – with as much as 4.25” through the week.

USDA reported cotton planting at 12% of the expected area. That is up just 1% point on the week, and is now only 1% point ahead of average. The weekly Crop Progress report from NASS showed TX was 17% planted and GA was 7% planted.

Friday sales on The Seam were 2,343 bales for an average gross price of 78.86 c/lb. USDA’s Daily Spot Quotations report showed 453 bales were sold at spot, for the 4/26 report. The Cotlook A index was down 25 points on 4/23 to 91.95 cents/lb. The AWP for cotton is 70.49 cents/lb through Thursday.  

May 21 Cotton  closed at 87.86, up 35 points,

Jul 21 Cotton  closed at 89.22, up 42 points,

Dec 21 Cotton  closed at 84.95, up 2 points

Market Commentary provided by:

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