Cotton futures were under pressure on Monday with contracts closing 75 to 90 points in the red. The US dollar index was down $0.199 on the day to $97.625. Losses of $2.55 in the crude oil market from a potential Israeli/Hamas ceasefire added pressure.
The NASS Crop Progress report indicated a total of 67% of the US cotton crop with bolls opening and behind the 69% average, with harvest matching the average pace at 16%. Cotton conditions were listed at 47% good/excellent, steady with last week, as the Brugler500 index was up 2 points to 335.
Friday’s online auction from The Seam showed 1,187 sales at an average price of 62.46 cents/lb. The Cotlook A Index was steady at 77.70 cents on September 26. ICE cotton stocks were again steady on 9/26, with the certified stocks level at 15,474 bales. USDA’s Adjusted World Price (AWP) was back down 41 points last week at 54.38 cents/lb.
Oct 25 Cotton closed at 63.05, down 90 points,
Dec 25 Cotton closed at 65.5, down 78 points,
Mar 26 Cotton closed at 67.44, down 75 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.
