Cotton Closes Higher with Tariff Exemptions
Cotton futures were up 4 to 71 points across the board at the close. Crude oil was up 88 cents per barrel on the session, with the US dollar index $0.232 higher.
Weekly Crop Progress data showed 70% of the US cotton crop with bolls opening as of Sunday. Harvest was tallied at 17%, running 2 percentage points ahead of normal. Condition ratings were pegged at 35% good/excellent, up 1 percentage point on the week. The Brugler500 index was down 1 point at 294.
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Following last week’s US/China meeting, China dropped tariffs on several US goods, including cotton.
The Seam reported sales of just 178 bales on September 25 at an average of 63.49 cents/lb. The Cotlook A index was up 50 points on 9/25 at 93.75. ICE certified cotton stocks were down 1,455 bales on Friday, with the certified stocks level at 28,064 bales. The Adjusted World Price was down 283 points last week to 66.09 cents/lb.
Oct 26 Cotton closed at 79.06, up 15 points,
Dec 26 Cotton closed at 82.86, up 15 points,
Mar 27 Cotton closed at 85.75, up 26 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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