Cotton Weaker on Tuesday
Cotton futures saw some weakness on Tuesday with contracts as much at 28 points lower in the nearbys. The outside factors were supportive, albeit slightly. Crude oil were futures up 9 cents/barrel and the US dollar index $0.081 lower so far on the day.
Analysts surveyed by Bloomberg estimate next Monday’s Prospective Planting report to show 9.9 million cotton acres. The range is from 8.8 to 10.5 million acres.
The Seam showed another 672 bales in online sales on 3/24 at an average price of 54.91 cents/lb. The Cotlook A Index was down 75 points on Monday at 77.50 cents/lb. ICE cotton stocks were steady again on March 21, with the current level of certified stocks at 14,488 bales. Last week’s update to the USDA’s Adjusted World Price (AWP), saw an increase of 87 points on Thursday afternoon to 54.63 cents/lb.
May 25 Cotton closed at 65.14, down 28 points,
Jul 25 Cotton closed at 66.75, down 28 points,
Dec 25 Cotton closed at 68.8, down 13 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.