Overnight action in the cotton market has the board UNCH to 40 points higher ahead of the Good Friday and Easter holiday weekend. Old crop futures rallied off of midday weakness and closed 24 and 42 points higher on Wednesday. New crop prices also rallied from midday levels, as triple digit gains pushed contracts back above 80 cents. Net for March, Dec cotton traded 4.59 cents lower, but the inverse from May to Dec tightened by 3.73 cents to 78 points.  

USDA’s Prospective Plantings report showed 12.036 million acres are intended for new crop all cotton production, including 11.894 million upland. Last year’s planting intentions in March was 13.7m acres, but final acreage was only 12.1 million.

The online cotton trading platform The Seam reported 2,834 bales sold for an average price on 76.86 cents/lb. USDA’s Daily Spot Quotations report cited 1,303 bales were sold in the 3/31 release. The Cotlook A index for 3/30 was 10 points higher to 87.20 cents/lb. USDA’s AWP for cotton to 68.55 cents/lb, and will be updated tomorrow.

May 21 Cotton  closed at 80.88, up 24 points, with 40 point gains this morning

Jul 21 Cotton  closed at 82.17, up 42 points, with 37 point gains this morning

Dec 21 Cotton  closed at 80.1, up 118 points, but UNCH so far today