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Cotton Reverting Higher in Early Wednesday Trade
Cotton prices are trading with 38 to 51 point gains so far on Wednesday. Futures closed out Tuesday with a nearby bounce, as front months were up 11 to 27 points, with some deferred contracts down 1 to 8 points. The outside markets were again supportive, as the US dollar index was down 86 points, with crude oil futures up another 34 cents/barrel. Weekly Crop Progress data indicated the US cotton crop was 77% harvested as of 11/17, 5 percentage points faster than normal. The Seam reported 1,283 bales of online sales on November 18 at an average price of 63.43 cents/lb. ICE cotton stocks were up 87 bales on new certifications on Monday, at 13,274 bales of certified stocks. The Cotlook A Index was down 150 points on 11/18 at 79.35 cents/lb. The USDA Adjusted World Price (AWP) was back up 24 points last week to 58.20 cents/lb. Mar 25 Cotton closed at 69.25, up 23 points, currently up 42 points May 25 Cotton closed at 70.5, up 15 points, currently up 51 points Jul 25 Cotton closed at 71.68, up 11 points currently up 49 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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