Cotton futures are lower by 3 and 4 points in the old crop contracts. New crop futures are up 26 to 73 points at midday. The May to December spread is 35 points tighter, now near 2.92 cents inverse.
NOAA reported some rain overnight in the TX panhandle, which is expected to reign in some of the drought concerns. The 7-day QPF is calling for moisture accumulation of as much as 2” in the Delta region. TX rain accumulation tops out at 1” along the N and E boarders.
USDA’s Daily Spot Quotations report cited just 357 bales sold at spot in the 3/16 report. The Cotlook A index was down another 75 points to 92.50 cents/lb on 3/16. The AWP for cotton by 315 points to 70.70 cents/lb. ICE certified stocks remain at 99,706 bales as of 3/15.
May 21 Cotton is at 86.88, down 4 points,
Jul 21 Cotton is at 87.88, down 3 points,
Dec 21 Cotton is at 83.96, up 31 points
<p>Market Commentary provided by:<br /> <img src="https://s3.amazonaws.com/images1.aws.barchart.com/logos/bruglerlogo.gif" border="0" /><br /> Brugler Marketing & Management LLC<br /> 1908 N. 203rd St.Omaha, NE 68022<br /> Phone: 402-697-3623<br /> Fax: 402-289-2353<br /> E-mail: <a href="mailto:alanb@bruglermktg.com">alanb@bruglermktg.com</a><br /> Web: <a href="http://bruglermarketing.com/">http://bruglermarketing.com</a></p>
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