Cotton price action is showing slight Tuesday AM gains. Futures closed the Monday session with contracts 26 to 32 points higher. The US dollar index is up $0.298 to $98.010, as crude oil futures were back up another $0.55.
The weekly Crop Progress report from NASS showed a total of 97% of the US cotton crop squared by August 10, with 73% setting bolls, 7 points behind average. There was 13% of the crop with bolls opening vs. 16% on average. Conditions were back up 2% at 55% gd/ex, with the Brugler500 index shooting 11 points higher to 349.
The Seam reported 401 bales sold in the Friday online auction at an average price of 57.93 cents/lb. The Cotlook A Index was unchanged at 79.40 cents on August 15. ICE cotton stocks were steady on 8/15, with the certified stocks level at 17,017 bales. USDA’s Adjusted World Price (AWP) was back up 66 points on Thursday at 55.05 cents/lb.
Oct 25 Cotton closed at 66.42, up 32 points, currently up 2 points
Dec 25 Cotton closed at 67.81, up 27 points, currently up 7 points
Mar 26 Cotton closed at 69.33, up 26 points, currently up 6 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.
