So far through Friday’s midday, the front month cotton futures market is giving back 34 to 94 points, with the thin October contract the weakest. The new cash price estimates from USDA are 92c/lb for old crop, UNCH from May, and 95 cents for new crop compared to 90 cents in the May WASDE. USDA reported no changes to the old crop cotton balance sheet. New crop was also UNCH, save for the farm price. World cotton ending stocks are seen a little tighter than last month for both 2021/22 and 2022/23.
The Cotlook A index was back up by 375 points on 6/9 to $1.59 10/100. USDA’s FSA set the week’s AWP for cotton at 134.41 cents/lb, down from 135.36 c last week. Jul 22 Cotton is at 146.07, down 44 points, Dec 22 Cotton is at 124.36, down 57 points, Mar 23 Cotton is at 119.66, down 45 points
