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December Cotton Closes Over 80 cents

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.

http://www.barchart.com/charts/futures/CTZ13

 


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