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Cotton Extending Strength Ahead of USDA Report
Cotton prices are up another 21 to 50 points so far on Tuesday morning. Futures posted 80 to 91 point gains across the front months on Monday. The outside markets were mixed factors, as crude oil futures were up $1.49/barrel. The US dollar index was adding some pressure, up $0.282 on the day. The Seam reported 5,705 bales of online sales on February 7 at an average price of 61.68 cents/lb. ICE cotton stocks were unchanged on Friday, at 218 bales of certified stocks. The Cotlook A Index was back up 20 points on 2/7 at 77.40 cents/lb. The USDA Adjusted World Price (AWP) was back down 84 points on Thursday at 53.18 cents/lb. Mar 25 Cotton closed at 66.54, up 91 points, currently up 50 points May 25 Cotton closed at 67.71, up 89 points, currently up 41 points Jul 25 Cotton closed at 68.8, up 84 points, currently up 42 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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