The May cotton contract is lock-limit lower at midday giving back 4 cents of value after Tuesday’s limit rally. May is still up by a net 208 points for the week. New crop futures are also trading in the red, though losses are less than 65 points at midday. 

NOAA’s updated 7-day QPF shows heavy rainfall from LA through GA and into KY for the coming week. The heaviest accumulation is along the Gulf Coast of AL/MS and up to 7”, though most areas can expect at least 2-3”. 

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 was updated to 77.47 cents/lb on Thursday afternoon, a 235 point increase from the week prior. ICE certified stocks were 997 bales as of 2/21. 

May 24 Cotton  is at 95.57, down 400 points,

Jul 24 Cotton  is at 94.17, down 360 points,

Dec 24 Cotton  is at 83.19, down 62 points