Cotton Falls Out of the Weekend
Cotton futures posted sharp losses of 61 to 114 points across most contracts on Monday. Crude oil was down $2.02 per barrel on the session, with the US dollar index $0.212 higher.
Crop Progress data tallied 89% of the US cotton crop with bolls opening as of 10/25, behind the 92% average pace. Harvest was 52% complete, 7 percentage points ahead of normal. Conditions slipped 2% to 33% gd/ex in the final rating for the year, as the Brugler500 index was down 3 points to 289.
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The Seam reported 549 bales sold on Friday, at an average of 74.89 cents/lb. The Cotlook A index was down 80 points on 10/23 at 91.95. ICE certified cotton stocks up another 3,143 bales on October 23, with the certified stocks level at 27,865 bales. The Adjusted World Price was up another 40 points last week to 65.01 cents/lb.
Dec 26 Cotton closed at 79.06, down 114 points,
Mar 27 Cotton closed at 82.86, down 108 points,
May 27 Cotton closed at 84.52, down 109 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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