Cotton Falling Back Lower on Wednesday Morning Trade
Cotton price action is showing 32 to 66 point losses so far on Wednesday morning. Futures faded weaker into the Tuesday close, with contracts down 31 to 54 points. Crude oil prices were back down 40 cents on the day, with the US dollar index $0.500 higher to $99.510.
Weekly NASS Crop Progress data showed 52% of the crop planted as of 5/25, lagging the 56% average. The crop was also 3% squared, behind the 4% average pace.
The Cotlook A Index was down 50 points on Friday at 78.25. ICE cotton stocks were steady on May 23, with a certified stocks level of 42,240 bales. USDA’s Adjusted World Price (AWP) was down 38 points on Thursday afternoon at 53.52 cents/lb.
Jul 25 Cotton closed at 65.57, down 54 points, currently down 59 points
Oct 25 Cotton closed at 68.02, down 41 points, currently down 66 points
Dec 25 Cotton closed at 68.32, down 31 points, currently down 52 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.