Cotton Showing Slight Midday Gains
Cotton futures are down 46 points in the thinly traded nearby October, with other contracts up 4 to 8 points at midday. The US dollar index is up $0.097 on the day to $97.625 with crude oil futures $0.38 lower.
The monthly Cotton Ginnings report showed 338,200 RB of cotton had been ginned by September 1, which was 128,500 RB below the same period last year.
USDA’s Crop Production report showed very few US cotton changes, as planted acreage was up 20,000 acres, with harvested up 15,000 acres. Yield was trimmed by 1 lb/ac to 861 lbs, with production up just 10,000 bales to 13.224 million bales. Stocks were left at 3.6 million bales as the unaccounted category ate up the extra 10,000 bales. World cotton stocks were down 77,000 bales to 73.14 million bales.
The Seam reported 422 bales sold on Thursday at an average price of 64 cents/lb. The Cotlook A Index was up another 20 points at 78.05 cents on September 11. ICE cotton stocks were steady on 9/11, with the certified stocks level at 15,474 bales. USDA’s Adjusted World Price (AWP) was down another 21 points on Thursday at 54.10 cents/lb.
Oct 25 Cotton is at 64.91, down 46 points,
Dec 25 Cotton is at 66.8, up 8 points,
Mar 26 Cotton is at 68.67, up 4 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.