Cotton Futures Offset Some of Early Week Wash Out

After sliding on Wednesday, cotton futures are seeing a big of a dead cat bounce this morning. They are up 122 to 148 points. The slide yesterday deducted 184 to 252 points off the front months’ rally. For July contracts, that pushed prices back below $1 per pound. The US CPI was still high at an annualized 5.4%, and core inflation was still 4%. 

USDA’s Daily Spot Quotations report showed 2,236 bales were added to the program on 10/13. The daily Classings report showed 46,994 bales of upland cotton were classed on 10/13, adding 995 bales of pima as well. The Cotlook A index was 55 points weaker to 118.70 cents/lb. The AWP for cotton is now 91.81 cents/lb, up from 83.92 last week. 

Dec 21 Cotton  closed at 103.86, down 252 points, and up 148 this AM

Mar 22 Cotton  closed at 101.84, down 226 points, and up 122 this morning

May 22 Cotton  closed at 100.95, down 209 points, and up 129 this morning

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