Old crop cotton futures closed triple digits higher to start the month of April. The new crop futures were also 30 points higher across the front months.
NASS reported cotton planting was 3% finished nationally with AZ at 6% and TX as 5%. The 5-yr average pace would be 4% planted as of 3/31.
NASS surveys found 10.673 million acres are intended for cotton planting this season. That was a 443k acre increase from last year, and compares to the 11.3 million expected. Each pre-report survey response had acreage up yr/yr, though the March number was at the low end of estimates.
The Cotlook A Index was back down by 235 points to 95.60 cents/lb on 3/28. USDA’s weekly Cotton Market Review had 7,069 bales sold during the week for an average price of 85.19 cents/lb. USDA’s FSA lowered the week’s Adjusted World Price of cotton by 162 points to 70.88 cents/lb. ICE certified stocks were shown at 52,224 bales as of 3/27.
May 24 Cotton closed at 92.76, up 138 points,
Jul 24 Cotton closed at 93.31, up 134 points,
Dec 24 Cotton closed at 84.35, up 36 points
Source: barchart.com