Cotton Prices On The Recovery

Cotton futures are up at midday after seeing the report. Futures were initially stronger going in. Old crop futures are still trading 85 points higher, but new crop futures are UNCH to 63 points higher. USDA has the new crop cash average cotton price at 75 cents/lb, and left the 20/21 cash price at 68. 

The May reports showed old crop carryout was reduced by 0.6 m bales to 3.3 million. Getting there was from a smaller acres (but better yield now seen at 847 lbs/acre) and a 0.5m bump to exports now at 16.25 million bales. For new crop USDA has the initial production forecast set at 17m bales. NMY exports are expected to be 14.7 million which would be down from 2020/21’s already record pace.   

The 5/10 Cotlook A index was down another 115 points to 93.60 cents/lb. The AWP for cotton is 71.39 cents/lb and will be updated after tomorrow’s close. 

Jul 21 Cotton  is at 88.42, up 106 points,

Dec 21 Cotton  is at 85.72, unch

Mar 22 Cotton  is at 85.22, up 63 points




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