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Cotton Slipping Lower on Friday
Cotton futures are trading with Friday losses of 57 to 73 points at midday. The outside markets are mixed, with crude oil adding some support and up $1.44/barrel, as the US dollar index is 166 points higher. Weekly Export Sales data saw sales pick up, though commitments are still just 5.474 million RB. That is just 51% of USDA’s export projection and 11 percentage points behind the 50-year average sales pace. The Seam reported 570 bales of online sales on October 24 at an average price of 71.25 cents/lb. ICE cotton stocks were unchanged on Thursday, leaving 174 bales of certified stocks. The Cotlook A Index was up 45 points on October 24 at 84.25 cents/lb. The USDA Adjusted World Price (AWP) was back up 4 points to 59.28 cents/lb on Thursday afternoon. Mar 25 Cotton is at 72.89, down 73 points, May 25 Cotton is at 74.39, down 64 points, Jul 25 Cotton is at 75.41, down 57 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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