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Cotton Turning Higher to Begin Tuesday Trade
Cotton prices are trading with 44 to 52 point gains on Tuesday morning. Futures closed out the Monday session with contracts 5 to 32 points in the red. The outside markets were a pressure factors, with crude oil falling $3.81/barrel after Israel’s strikes on Iran were limited over the weekend. The US dollar index was 43 points higher. Crop Progress data tallied 97% of the US cotton crop setting bolls, with harvest now listed at 52% complete and 6 percentage points ahead of normal. The final condition rating score showed the crop at 33% gd/ex, down 4% from last week and a Brugler500 index dropping 9 points to 286. The Seam reported 496 bales of online sales on October 25 at an average price of 68.84 cents/lb. ICE cotton stocks were unchanged on Friday, leaving 174 bales of certified stocks. The Cotlook A Index was down 100 points on October 25 at 83.25 cents/lb. The USDA Adjusted World Price (AWP) was back up 4 points to 59.28 cents/lb on Thursday afternoon. Mar 25 Cotton closed at 72.54, down 31 points, currently up 52 points May 25 Cotton closed at 74.1, down 29 points, currently up 44 points Jul 25 Cotton closed at 75.19, down 27 points, currently up 47 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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