Cotton Futures Higher in 2021 Contracts Despite Strong Dollar

Overnight position adjustments have the cotton futures complex mixed to start the Tuesday round of trade. The 2021 contracts are higher, but 2022 values are in the red by as much as 30 points. The dollar continues to rally. On Monday, cotton futures rallied off midday lows to close mixed. Old crop futures were 11 to 19 points in the black on Monday, while new crop futures settled 9 points lower.

Ahead of the March Prospective Plantings report, analysts are gravitating to about 12m acres. The average of estimates is for 12.15, but the range is from 11.3 to 13 million. Last year’s planting intentions in March was 13.7m acres, but final acreage was only 12.1 million. TX’s state Crop Progress report showed cotton planting has progressed to 6% of expected area – compared to the 5% average pace.

USDA’s DSQ report noted 2,640 bales sold. The Cotlook A index for March 26 was down a sharp 3.4 cents to 85.10 cents/lb. USDA’s AWP for cotton to 68.55 cents/lb, and is good through Thursday.

May 21 Cotton  closed at 80.49, but up 30 points this morning,

Jul 21 Cotton  closed at 81.6, now up 28 points,

Dec 21 Cotton  closed at 78.65, currently up 7 points




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