Cotton Back to Marginally Higher Trade on Thursday
Cotton prices are showing 10 to 19 point gains on Thursday AM. Futures closed the Wednesday session with nearby contracts up 64 to 69 points. The dollar index was back down 536 points, with crude oil futures falling another $1.04/barrel to add pressure.
The Tuesday afternoon Crop Progress report indicated US cotton condition ratings were up 4% in the good and excellent ratings to 44%, with the Brugler500 index back up 9 points to 315. Ratings in TX were back up 24 points, with GA down 1 point.
Census data released this morning showed July cotton exports are 773,848 bales excluding linters. That was the lowest monthly total since last November and the lowest July total since 2015.
The Seam reported online cash sales of 1,240 bales at an average price of 64.71 cents on Tuesday. ICE cotton stocks were unchanged on September 3, leaving 266 bales of cert stocks. The Cotlook A Index was unchanged on September 3 at 81.20 cents/lb. The USDA Average World Price (AWP) was updated to 56.98 cents/lb for the next week through Thursday, up 108 points from the week prior.
Dec 24 Cotton closed at 69.81, down 69 points, currently up 19 points
Mar 25 Cotton closed at 71.54, down 67 points, currently up 12 points
May 25 Cotton closed at 72.75, down 64 points, currently up 10 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.