Cotton Bounces Higher on Monday
The cotton market posted Monday gains of 8 to 50 points. The outside market factors were helpful, with gains of 94 cents in oil and the dollar index down 7 points.
Crop Progress data from Monday afternoon indicated that 33% of the US cotton crop was planted as of Sunday May 12. That was a 9% move on the wee, but slowed the lead over the 5-year average pace to 2%.
The Seam reported 107 bales sold on Thursday at an average price of 64.58 cents/lb. ICE certified cotton stocks were down 176 on decertification on May 10 at 166,311 bales. The Cotlook A Index was back down 150 points on May 10 at 86.40 cents/lb. The AWP dropped another 91 points to 59.64 last Thursday and is good through this week.
Jul 24 Cotton closed at 77.63, up 32 points,
Oct 24 Cotton closed at 77.06, up 32 points,
Mar 25 Cotton closed at 77.12, up 39 points
On the date of publication, Alan Brugler 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.
