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Cotton Slipping Lower on Tuesday
Cotton prices are down 20 to 30 points on Tuesday. Futures closed out the Monday session with contracts up 6 to 194 points. The outside factors were offering pressure but ignored, with crude oil down 22 cents and the US dollar index up 167 points. NASS Crop Progress data indicated the US cotton crop ahead of the average development pace, with 64% squaring (vs. 63% on average) and 27% setting bolls (5% ahead of normal). Condition ratings were unchanged in the good/excellent categories at 45%, with 1% slipping from poor to very poor. The Brugler500 index was down 1 point to 319. ICE certified cotton stocks were down 339 bales on decertification on July 12, leaving 41,122 bales. The Cotlook A Index was unchanged on July 12 at 81.50 cents/lb. The USDA Average World Price (AWP) was cut by 172 points on Thursday to 56.08 cents/lb last week and is effective through Thursday. Dec 24 Cotton closed at 72.44, up 117 points, currently down 20 points Mar 25 Cotton closed at 74.26, up 116 points, currently down 22 points May 25 Cotton closed at 75.59, up 112 points, currently down 21 points On the date of publication, Alan Brugler 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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