Thursday’s session pulled March cotton back to the 40-day moving average after futures gapped back above the mark on the Wednesday open. The intra-day gap is still open to 80.01 cents. The other front months were also 47 to 76 points weaker at the close.
NOAA’s 7-day QPF has heavy rainfall for the Gulf and as much as 10” accumulating for the FL panhandle. Most of the inland cotton area can expect at least 2”, though TX will miss out. The updated Drought Monitor still had most of LA and AL in D3-D4 drought.
The Seam reported 7,737 bales were sold online on 1/3 for an average gross price of 72.82. The Cotlook A Index was 91.40 on 1/2, UNCH from the day prior. The AWP was up by another 80 points to 64.96 cents/lb.
Mar 24 Cotton closed at 80.12, down 81 points,
May 24 Cotton closed at 81.32, down 76 points,
Jul 24 Cotton closed at 82.12, down 67 points
Source: barchart.com
