Cotton Futures Mixed As New Crop Bulls Lead

Expiring July Cotton is down 256 points this morning, with shadow October also in the red. The December and later contracts are up 19 to 36 points. The Wednesday session ended with gains. Dec cotton was still the lowest front month futures contract, despite gaining triple digits on Wednesday. Dec was at a 41 point discount to October and 53 points below Mar ‘21. Tuesday sales on the Seam added 1,744 bales to the week’s total. The average gross price was 60.61 cents/lb. CONAB reported Brazilian cotton harvest at 9% complete. The 1.67m HA (4.12m acre) area is 3.1% higher yr/yr and yields are also higher yr/yr. The June WASDE forecast for Brazilian cotton production is 13.2m bales. The July 7 Cotlook A index was another 75 points lower to 69.70 c/lb. The AWP for cotton is 50.13 cents/lb, and the LDP is 1.87 cents, both will be updated after the close.

--- provided by Brugler Marketing & Management

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