All cotton planted area for 2024 is estimated at 10.7 million acres, up 4 percent from last year. Upland area is estimated at 10.5 million acres, up 4 percent from 2023. American Pima area is estimated at 203,000 acres, up 38 percent from 2023.
Cotton futures finished lower for the week at 91.38 cents per pound but managed to recover some of the week’s losses after the release of Thursday’s Prospective Plantings report.
• May futures closed at 91.38 cents per pound, finishing 83 points lower for the week.
• News in the cotton market was relatively light this week, as traders were anticipating the Prospective Plantings report.
That great cotton and pecan grower Jerry Calvani of New Mexico used to suggest I was “struggling” during those times. Nevertheless, the market seems to be struggling, struggling to hold 90-93 cents. A fall below 91 cents opens up a quick drop to 88 cents and adds further pressure to slip back into the mid-80s. Yet, there does appear to be enough business, albeit minimal, to keep market prices in the high 80s and even the low 90s.
Market Movement from 11th Mar 2024 to 16th Mar 2024.
• After experiencing high volatility in the last two weeks, this week has seen a slowdown with less volatility in the New York (NY) market. Prices remained within a narrow range of 93.50 to 97.50. The increase in certified stock has constrained speculators from pushing prices higher. Consequently, the current NY market lost 134 points week over week.