The December contract made fresh highs for the year and closed at its highest level since last September. The September 7, 2012 high of 81.30 has been a technical price point to watch. Today’s close at 81.18 was just 2 points off the daily high.
A Bloomberg survey has U.S. cotton acreage falling 16% to 10.32 million acres this year. Other private estimates have U.S. acreage falling 20%. The percentage decline in the Midsouth could reach as high as 40% by some estimates.
Link to the December 2013 daily futures chart.