Cotton Closes Higher on Wednesday
Cotton futures closed Wednesday with gains of 43 to 53 points across most contracts on Wednesday. Support came via some outside factors. Crude oil was back up 56 cents/barrel, with the US dollar index down $0.165.
Traders are looking for cotton acreage to total 10 million acres in Monday’s June 30 Acreage report.
The Seam reported just 182 bales sold in the Tuesday online auction at an average price of 59 cents. The Cotlook A Index was up 85 points on 6/24 at 78.40. ICE cotton stocks were down 1,196 bales on June 24, with a certified stocks level of 61,136 bales. USDA’s Adjusted World Price (AWP) was up 1 point last week at 54.03 cents/lb and is effective through Thursday.
Jul 25 Cotton closed at 66.44, up 43 points,
Oct 25 Cotton closed at 67.87, up 43 points,
Dec 25 Cotton closed at 68.32, up 53 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.