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Thursday, March 02, 2023 8:54:09 AM
Morning Cotton Quotes Continue Higher
By: Barchart | March 2, 2023
Cotton prices are working 6 to 24 points higher so far. Cotton futures settled the midweek session up by 1.5% to 1.9% with a triple digit bounce. May saw futures back in the 86c area, before fading back to close at 85.66 cents. The full day’s range was 3 cents. For the week, May cotton is now up by 76 points. Dec is up by 95 points for the week, and closed as a 39 point discount to May, but a 70 point premium to March.
There have been no deliveries issued against the March contract, with preliminary OI at just 10 contracts.
The Dollar Index is down by 0.5% so far today, after bouncing 4.32 through the month of Feb.
USDA reported 794 bales of cotton was consumed domestically in January. That was up from 463 RBs in December, but was down from 1,180 in Jan ’22. Cotton stocks tightened by 116 RBs to 3,396 in January. Stocks were 1,160 RBs tighter than last year.
The 2/28 Cotlook A index was firm at 99.35 cents per pound. The Seam reported 5,190 bales sold during 2/27 for an average gross price of 82.41 cents. The AWP for cotton is 70.78 cents/lb.
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By: Barchart | March 2, 2023
Cotton prices are working 6 to 24 points higher so far. Cotton futures settled the midweek session up by 1.5% to 1.9% with a triple digit bounce. May saw futures back in the 86c area, before fading back to close at 85.66 cents. The full day’s range was 3 cents. For the week, May cotton is now up by 76 points. Dec is up by 95 points for the week, and closed as a 39 point discount to May, but a 70 point premium to March.
There have been no deliveries issued against the March contract, with preliminary OI at just 10 contracts.
The Dollar Index is down by 0.5% so far today, after bouncing 4.32 through the month of Feb.
USDA reported 794 bales of cotton was consumed domestically in January. That was up from 463 RBs in December, but was down from 1,180 in Jan ’22. Cotton stocks tightened by 116 RBs to 3,396 in January. Stocks were 1,160 RBs tighter than last year.
The 2/28 Cotlook A index was firm at 99.35 cents per pound. The Seam reported 5,190 bales sold during 2/27 for an average gross price of 82.41 cents. The AWP for cotton is 70.78 cents/lb.
Read Full Story »»»
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