Cotton futures are up 67 to 107 points to start the Wednesday day session. Tuesday losses added 26 to 72 points to the downside. The thin October contract closed down by a penny. The old to new crop inverse widened to 222 points from July to December. USDA will release their first 2021/22 supply/demand estimates this morning at 11:00 CDT for both the US and world. Since most of the US crop is still to be planted, these are essentially computer models and will be revised quite a few times over the next 36 months as facts accumulate. 

USDA showed 1,301 bales were sold at spot, mainly in E. TX / OK region, in the 5/11 DSQ report. The 5/10 Cotlook A index was back down by 75 points to 94.75 cents/lb. This week’s AWP for cotton is 71.39 cents/lb through Thursday. 

Jul 21 Cotton  closed at 87.75, down 72 points, but are up 107 this morning,

Dec 21 Cotton  closed at 85.53, down 57 points, and up78 this morning,

Mar 22 Cotton  closed at 85.12, down 36 points, and up 67 this morning