Cotton Showing Gains on Tuesday Morning Despite Ratings Increase
Cotton prices are showing 9 to 23 point gains early on Tuesday. Futures closed the Monday session with gains of 18 points across the front months. The outside markets were supportive factors, as the US dollar index was down $0.313 on the day to $97.415 and crude oil futures $0.57 higher.
Crop Progress data showed a total of 97% of the US cotton crop was setting bolls as of Sunday, with 40% of the crop with bolls opening. Harvest was tallied at 8% complete, 2 points ahead of normal. Cotton conditions were up 3% to 54% gd/ex, as the Brugler500 index rose 5 points to 349.
The Seam reported 1,732 bales sold on Friday at an average price of 63.55 cents/lb. The Cotlook A Index was up 10 points at 77.60 cents on September 5. ICE cotton stocks were steady on 9/5, with the certified stocks level at 15,474 bales. USDA’s Adjusted World Price (AWP) was down another 63 points on Thursday at 54.31 cents/lb.
Oct 25 Cotton closed at 64.57, up 18 points, currently up 9 points
Dec 25 Cotton closed at 66.21, up 18 points, currently up 23 points
Mar 26 Cotton closed at 68.14, up 18 points, currently up 20 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.