At the close, front month cotton futures were mixed as the old to new crop inverse tightened. Old crop futures closed 40 and 41 points lower. For May that left the board 9.5% under the Feb high, but still 4.4% above the intervening low on March 10. New crop futures ended the day 7 to 9 points higher, which for Dec tightened the inverse to 279 points below May.
NOAA reported some rain overnight in the TX panhandle, which is expected to give pause to some of the drought concerns but won’t end them. 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.
The Seam reported 2,344 bales on 3/16 for an average gross price of 75.56 cents/lb. USDA’s DSQ report showed 4,831 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.
May 21 Cotton closed at 86.51, down 41 points,
Jul 21 Cotton closed at 87.51, down 40 points,
Dec 21 Cotton closed at 83.72, up 7 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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