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Cotton Slipping on Thursday Morning
Cotton prices are starting Thursday trade with losses of 23 to 32 points. Futures closed the Wednesday session with contracts anywhere from down 6 to 7 points higher. The outside markets were adding some pressure, with the crude oil down another 21 cents/barrel and the US dollar index up 372 points. The trade is awaiting the weekly Export Sales report on this morning, as export business in recent weeks has been sluggish. The Seam reported 837 bales of online sales on October 8 at an average price of 70.25 cents/lb. ICE cotton stocks were unchanged on Tuesday, leaving 265 bales of certified stocks. The Cotlook A Index was up 25 points on October 8 at 85.10 cents/lb. The USDA Adjusted World Price (AWP) was trimmed by 25 points last week to 60.81 cents/lb and is good through tomorrow. Dec 24 Cotton closed at 72.25, down 2 points, currently down 24 points Mar 25 Cotton closed at 74.36, down 6 points, currently down 30 points May 25 Cotton closed at 75.7, down 5 points currently down 31 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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