June 9th Cotton Condition & Progress Report
Blog Post Top

Cotton Incorporated’s Economist, Jon Devine

Cotton prices lost some ground today.   The nearby July contract gave up 23 points, and closed below recent support near 85 cents per pound.

December took over as the contract with the most open interest in today’s trading. December gave up gave up 71 points to close at 77.29 cents/lb.

Despite the decrease, December prices continue to be range-bound.  Today’s  decline simply pulled values back to the lower half of the tight range between 77 and 79 cents that they have been holding since stabilizing in late May.  This is the same general range that December prices traded in throughout most of the winter.

It is still early in the game figures on crop development.  Today’s progress and condition report represented the second week of data on squaring.  In the report, 8% of the cotton belt, crop is reported to be that far along, which is 2% behind the five-year average.  Today’s progress report is the first to offer crop condition data.  In those figures 86% of the crop was in fair to excellent condition, last year 79% was in the same range.

As we move into the summer, the national condition figures could be helped along by the alleviation of drought conditions in West Texas.  Although, most of West Texas remains in drought, the heavy rains around Memorial Day did bring some improvement.  Lubbock airport did report some additional precipitation over the weekend, and more than ¼ inch today (Monday).  This week’s forecast isn’t calling for additional rain in West Texas, but the arrival of any additional moisture as the crop matures can be expected to have a heavy impact on the size of national harvest, and therefore should be an important diver of price movement.

A native of the Texas Panhandle, Rhonda was born and raised on a cotton farm where she saw cotton farming evolve from ditch irrigation to center pivot irrigation and harvest trailers to modules. After graduating from Texas Tech University, she got her start in radio with KGNC News Talk 710 in Amarillo, Texas.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Blog Post Right-1

Blog Post Right - 2_crawford
Blog Post Right - 2

Upcoming Events

Mar
6
Fri
9:00 am Food Business Conference @ the Alamance Cooperative Extension office
Food Business Conference @ the Alamance Cooperative Extension office
Mar 6 @ 9:00 am – 3:00 pm
Registration is open for the N.C. Department of Agriculture and Consumer Services’ fourth annual Food Business Conference, scheduled for Feb. 24 in Burlington. The event [...]
Mar
11
Wed
10:00 am SC Upstate Row Crops Meeting @ Anderson County Extension Office
SC Upstate Row Crops Meeting @ Anderson County Extension Office
Mar 11 @ 10:00 am – 3:00 pm
Contact Name: Chris Talley Contact Phone: 864-226-1581 ext. 117 Contact Email: talley2@clemson.edu
Mar
13
Fri
all-day 1st Annual NC-VA Hops Conference and Beginning Hop Farmer Session @ Forsyth County Center
1st Annual NC-VA Hops Conference… @ Forsyth County Center
Mar 13 – Mar 14 all-day
Join us for the first regional North Carolina and Virginia Hops Conference with a special pre-conference event for beginning growers. This event is co-chaired by [...]

View Calendar