Old crop cotton closed 80 points off the session highs, but still 116 to 139 points in the black. New crop futures were also higher, but ended ~10 points off the session high for 10 to 30 point gains. 

Analysts are looking for Thursday’s Planting Intentions report to show between 10.4m and 11.3m acres for 2024/25 cotton. The average 11.3m acre estimate would be a 1.1m acre increase from last year and is 300k acres larger than USDA’s Outlook Forum assumptions in February.

The Cotlook A Index for 3/21 was 85 points lower to 97 cents flat. The AWP was revised 360 points lower to 72.50 cents per pound, in effect for farm program purposes through next Thursday. ICE certified stocks were shown at 41,756 bales as of 3/20.

May 24 Cotton  closed at 93.41, up 139 points,

Jul 24 Cotton  closed at 93.86, up 131 points,

Dec 24 Cotton  closed at 84.3, up 29 points