Cotton Turning Higher on Wednesday Morning
Cotton prices are trading with gains of 50 to 61 points early on Wednesday. Futures closed Tuesday with losses of 40 to 44 points. The outside markets were mixed with the crude oil a pressure factor, down $2.92/barrel and the US dollar index 40 points lower.
Tuesday afternoon’s Crop Progress report from NASS indicated a total of 88% of the US cotton crop with bolls open and harvest 34% complete, vs the 30% average pace. Condition ratings were up 5% to 34% as of October 13, with the Brugler500 index rising 11 points to 294.
The Seam reported 862 bales of online sales on October 11 at an average price of 66.73 cents/lb. ICE cotton stocks were down 91 points on Monday, leaving 174 bales of certified stocks. The Cotlook A Index was down 45 points on October 11 at 84.05 cents/lb. The USDA Adjusted World Price (AWP) was trimmed by another 40 points last week to 60.41 cents/lb. It is good through Thursday.
Mar 25 Cotton closed at 72.75, down 44 points, currently up 53 points
May 25 Cotton closed at 74.21, down 43 points, currently up 50 points
Jul 25 Cotton closed at 75.13, down 43 points, currently up 61 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.