Cotton futures closed the Thursday session with limit gains nearly across the board. The USDA dropped their US cotton production projection to 18.5 million bales, down 1 million bales from last month on fewer harvested acres. That helped bring the new crop ending stocks down 700,000 bales to 4 million bales, even with 17/18. Old crop world stocks were cut by 3.26 million bales to 84.96 on increased consumption and smaller beginning stocks. New crop world stocks were also reduced by the same factors to 77.84 million bales. Export sales of old crop upland cotton in the week that ended on July 5 were tallied at 121,603 RB, with just a little over 3 reporting weeks left in the MY. China bought 5,600 RB for old crop. New crop sales were reported at 251,429 RB. The weekly USDA AWP was updated to 76.17 cents/lb through next Thursday, up 1.58 cents from the week prior.
Oct 18 Cotton closed at 89.240, up 400 points,
Dec 18 Cotton closed at 88.540, up 400 points
Mar 19 Cotton closed at 88.350, up 400 points