The cotton market is adding another triple digits to the relief rally, leaving March contract a penny away from recovering 38.2% of the 12.6c loss from late Sep.
USDA’s weekly Crop Progress report showed cotton harvest was 67% complete as of 11/12. That was 10% further along than last week, and compares to 63% on average. Harvest in TX was marked at 56% complete with GA at 63%.
The Cotlook A Index for 11/13 was 25 points stronger to 89.30 cents. The new AWP for cotton is 64.62 cents/lb, down by 3.49 cents from last week. ICE Certified Stocks were 83,652 bales on 11/8.
Dec 23 Cotton is at 79.3, up 182 points,
Mar 24 Cotton is at 81.66, up 219 points,
May 24 Cotton is at 82.38, up 197 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.