Cotton Pops Higher
Cotton futures posted Tuesday gains of 20 to as much as 127 point gains on Tuesday, led by the thinly trade May contract. Crude oil futures were back up $1.13/barrel, with the US dollar index back up $0.701 to $98.690.
NASS pegged the US cotton crop at 11% planted as of 4/20, now in line with the 5-year average pace. Texas planting was pegged at 16%, on par with the normal pace, with GA at 3% complete (vs. 4% on average).
The Seam reported 1,838 cash bales sold online on 4/21, at an average price of 61.08 cents/lb. The Cotlook A Index was back up 35 points on Friday at 77.60 cents/lb. ICE cotton stocks were steady on April 21 with a certified stocks level of 14,478 bales. USDA’s Adjusted World Price (AWP) was back up 33 points last Thursday to 53.43 cents/lb.
May 25 Cotton closed at 67.04, up 127 points,
Jul 25 Cotton closed at 67.22, up 40 points,
Dec 25 Cotton closed at 68.71, up 41 points
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