Cotton Bulls Fight Back on Wednesday
Cotton futures posted Wednesday gains of 5 to 109 points across most contracts at the close. Crude oil was $3.64 per barrel higher on the session, with the US dollar index holding steady on the day.
Weekly Crop Progress data showed condition ratings at 34% good/excellent, down 5 percentage points on the week. The Brugler500 index was down another 6 points to 298. Ratings in Texas were down another 8 points to 252 on the Brugler500 index.
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The Seam reported sales on 632 bales at an average of 76.26 cents/lb in Tuesday’s sale. The Cotlook A index was again unchanged on 9/8 at 96.00. ICE certified cotton stocks unchanged on September 8, with the certified stocks level at 54,414 bales. The Adjusted World Price was raised by another 240 points on Thursday to 73.92 cents/lb.
Oct 26 Cotton closed at 83.73, up 109 points,
Dec 26 Cotton closed at 87.28, up 96 points,
Mar 27 Cotton closed at 89.65, up 94 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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