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New crop December futures had a miserable week. Texas got rain
and that’s good, but the market took a toll on the grower because
of it.
The market was down 4 of 5 trading days this week with big blows
of down 237 points yesterday and another 208 points today.
The first estimate of 2021 actual acres planted will be out on June
30. This is a highly unknown and much anticipated number.
Weather and crop conditions will continue to be factors. Rainfall
in Texas this week and next doesn’t mean much longer term. The
first survey-based USDA crop estimates will not be released until
August.
Don Shurley
Cotton Economist-Retired / Professor Emeritus of Cotton Economics