Cotton Gets a Bounce on Wednesday
The cotton market posted strength across most contracts on Wednesday, with futures up 8 to 78 points across most contracts. The outside market factors were helpful, with crude oil up 79 cents and the US dollar index down 732 points.
Export Sales data will be released on Thursday morning, with the trade looking to see if the cheaper prices attract more business on top of the 253,700 RB reported last week.
ICE certified cotton stocks were back up 4,470 bales on May 14 at 169,735 bales. The Cotlook A Index was 65 points higher on May 14 at 85.85 cents/lb. The AWP dropped another 91 points to 59.64 last Thursday and is good through tomorrow.
Jul 24 Cotton closed at 75.41, up 78 points,
Oct 24 Cotton closed at 75.27, down 31 points,
Mar 25 Cotton closed at 75.85, up 15 points
On the date of publication, Alan Brugler 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.
