Cotton Backing off Early Losses on Wednesday
Cotton futures are pulling off the lows, but still trading with contracts down 13 to 17 points in the nearbys, as thinly traded October 66 points lower. Crude oil prices are back up $1.29 on the day, with the US dollar index $0.365 higher to $99.350.
Weekly NASS Crop Progress data showed 52% of the crop planted as of 5/25, lagging the 56% average. Planting in TX was at 47%, 1% back of normal, with the GA crop 4% back of average at 58%. The crop was also 3% squared, behind the 4% average pace.
The Tuesday online sale from The Seam showed 806 bales sold at an average price of 60.23 cents/lb. The Cotlook A Index was back up 50 points on 5/27 at 78.25. ICE cotton stocks were up 4,277 bales via new certifications on May 27, with a certified stocks level of 46,517 bales. USDA’s Adjusted World Price (AWP) was down 38 points last Thursday at 53.52 cents/lb. It is good through tomorrow.
Jul 25 Cotton is at 65.44, down 13 points,
Oct 25 Cotton is at 67.36, down 66 points,
Dec 25 Cotton is at 68.15, down 17 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.