Cotton Slipping to Start Wednesday
Cotton prices are down 3 to 6 points across the front months on Wednesday morning. Futures posted gains of 82 to 97 points across most nearby contracts at Tuesday’s close. The US dollar index was down $0.635 so far on the day to $96.265, with crude oil futures $1.22 higher.
NASS reported the US cotton crop 50% with bolls opening as of Sunday, with harvest listed at 9%. Crop condition ratings were down 2% to 52%, as the Brugler500 index was back at 344, a 5 point drop on the week. Ratings in TX were down 4 points with GA slipping 4 points as well.
The Seam reported 1,791 bales sold on Monday at an average price of 64.64 cents/lb. The Cotlook A Index was up 5 points at 78.10 cents on September 15. ICE cotton stocks were again steady on 9/15, with the certified stocks level at 15,474 bales. USDA’s Adjusted World Price (AWP) was down another 21 points last week at 54.10 cents/lb. It is good through this Thursday.
Oct 25 Cotton closed at 66.39, up 97 points, currently down 16 points
Dec 25 Cotton closed at 67.68, up 84 points, currently down 3 points
Mar 26 Cotton closed at 69.57, up 82 points currently down 6 points
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.