Cotton prices are showing a recovery early on Thursday, up 6 to 12 points in most front months with the thin October contract an exception. Futures were under pressure on Wednesday, as a stronger dollar was weighing on things. Contracts were down 17 to 40 points. Pressure was from a $1.063 gain in the US dollar index to $99.71. Much of that strength came late in the day following the Fed leaving rates unchanged, as expected. Crude oil futures were $1.09/barrel higher.
The Seam showed sales of 309 bales on Tuesday, with an average price of 60.29 cents/lb. The Cotlook A Index was up 10 points at 78.80 cents on July 29. ICE cotton stocks were steady on 7/29, with the certified stocks level at 21,617 bales. USDA’s Adjusted World Price (AWP) was up 23 points last week at 54.95 cents/lb. It is good through this Thursday.
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Oct 25 Cotton closed at 65.9, down 40 points, currently down 1 point
Dec 25 Cotton closed at 67.5, down 17 points, currently up 12 points
Mar 26 Cotton closed at 68.84, down 21 points, currently up 11 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.
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