Cotton Fades Back Lower on Wednesday
Cotton futures saw modest weakness on a Wednesday correction, with contracts 6 to 73 points lower. The outside markets were generally stronger, as Crude oil was up $4.32 following the US striking Iran overnight and again today, as President Trump stated the ceasefire is over. The US also revoked waivers authorizing Iran oil exports. The US dollar index was up $0.082.
The Seam reported just 94 bales sold on July 7 at an average of 65.76 cents. The Cotlook A Index was up 150 points on 7/7 at 87.30 cents. ICE certified cotton stocks were down 95 bales on Tuesday via decertification, with the certified stocks level at 184,939 bales. The Adjusted World Price was back down 194 points last week at 61.94 cents/lb.
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Jul 26 Cotton closed at 76.21, down 73 points,
Dec 26 Cotton closed at 80.67, down 62 points,
Mar 27 Cotton closed at 82.1, down 58 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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