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Cotton Sneaking Out Strength on Tuesday Morning
Cotton price action is following up Monday’s gains with Tuesday AM strength of 9 to 20 points. Futures closed the Monday session with contracts up 15 to 27 points. The outside factors were mixed, with crude oil futures up 88 cents/barrel and the US dollar index $0.236 higher on the day. The Seam showed another 1,614 bales in online sales on 3/21 at an average price of 59.29 cents/lb. The Cotlook A Index was down 25 points on Friday at 78.25 cents/lb. ICE cotton stocks were steady again on March 21, with the current level of certified stocks at 14,488 bales. Last week’s update to the USDA’s Adjusted World Price (AWP), saw an increase of 87 points on Thursday afternoon to 54.63 cents/lb. May 25 Cotton closed at 65.42, up 15 points, currently up 14 points Jul 25 Cotton closed at 67.03, up 24 points, currently up 13 points Dec 25 Cotton closed at 68.93, up 27 points, currently up 9 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. |
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