Cotton Collapsing Early on Thursday
Cotton futures closed the Wednesday session with contracts coming off the midday highs, up 7 to 49 points. The US dollar index was $0.215 higher at $98.395. Crude oil was down $1.18 at $101.00 at the close.
A meeting between President Trump and China’s President Xi in Beijing concluded early this morning. Few details were released following the meeting, though there were no mention of any potential purchases.
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The Seam showed sales of 1,110 bales on May 12, at an average price of 82.50 cents/lb. The Cotlook A Index was back up 300 points on Tuesday at 97.65 cents. ICE certified cotton stocks were up 1,160 bales on 5/12, with the certified stocks level at 185,378 bales. The Adjusted World Price was up another 393 points last week at 69.59 cents/lb.
Jul 26 Cotton closed at 86.81, up 49 points, currently down 301 points
Dec 26 Cotton closed at 86.46, up 18 points, currently down 248 points
Mar 27 Cotton closed at 87.03, up 25 points, currently down 248 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.
