Turnaround Tuesday cotton trading recovered 102 to 168 points. New crop gains were smaller, as the old to new crop inverse widened to 36 points. A weaker US dollar index made cotton attractive to buyers who float their currency against the dollar. Gold futures were higher, as was Bitcoin. US stock markets were mixed in their opinion about the economy, with the S&P and Russell higher, but the Dow in minus territory.
USDA’s Daily Spot Quotations report showed just 874 bales sold in the 4/13 report. The Cotlook A index was another penny stronger on 4/12 to 89.5 cents/lb. The AWP for cotton for the week is 64.92 cents/lb.
May 21 Cotton closed at 81.82, up 168 points,
Jul 21 Cotton closed at 83.19, up 168 points,
Dec 21 Cotton closed at 81.46, up 102 points
