Cotton Drops Triple Digits to Close Feb

Alan Brugler Barchart Thu Feb 29, 5:58PM CST
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The bonus day for the month of Feb finished with Cotton prices 38 to 195 points weaker. Old crop again led the way with the larger move, pushing back below the $1 mark past the in-delivery March contracts. Dec ended the month with a net 231 point gain. 

USDA’s FAS reported 39,966 RBs of cotton was sold for export. That was a new MY low. Cotton exports were 267,115 RBs for the week, bringing the season total to 5.343 million. Commitments are now 0.5% behind last year’s pace with 10.477m RBs on the books. 

The Cotlook A Index for 2/28 was 370 points higher at 105.25 cents/lb. The Seam recorded 5,791 bales sold on 2/27 for an average price of 89.1 cents/lb. The AWP is 75.12 cents, and will be updated after the close. ICE certified stocks were 997 bales as of 2/21. 

 

May 24 Cotton  closed at 99.57, down 151 points,

Jul 24 Cotton  closed at 97.77, down 195 points,

Dec 24 Cotton  closed at 83.81, down 47 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.