The cotton market saw July settled down the 3 cent limit, as other contracts were down 11 to 148 points on the day. Limits are expanded to 4 cents for the Wednesday session Crude oil was down $0.72 and adding to the pressure.
Crop Progress data from Monday afternoon indicated that TX cotton planting was even with the average at 28% complete, with GA 3% ahead of normal at 35%. The next 7 days shows slowdowns expected for a wide swath of the Southeast, with eastern portions of the TX panhandle and TX also receiving some precip.
ICE certified cotton stocks were down 1,046 on decertification on May 13 at 165,265 bales. The Cotlook A Index was down another 120 points on May 13 at 85.20 cents/lb. The AWP dropped another 91 points to 59.64 last Thursday and is good through this week.
Jul 24 Cotton closed at 74.63, down 300 points,
Oct 24 Cotton closed at 75.58, down 148 points,
Mar 25 Cotton closed at 75.7, down 142 points
Source: barchart.com