Cotton prices are holding Tuesday gains of 52 to 67 points so far on Tuesday with deteriorating crop ratings on Monday helping out. The US dollar index was down another 406 points and below $102, with crude oil losing 35 cents per barrel.
USDA’s Crop Progress report indicated the US cotton crop was 84% setting bolls, 3% above normal and 19% of the bolls opening, 2% faster than average. Cotton condition ratings across the US were down 4% to 42% gd/ex, with the Brugler500 index down 4 points to 315.
The Seam reported 3,727 bales of cotton sold in the online auction on Monday, with an average price of 61.99 cents/lb. ICE cotton stocks were unchanged on August 19, leaving 12,767 bales of cert stocks. The Cotlook A Index was unchanged on August 19 at 78.60 cents/lb. The USDA Average World Price (AWP) is 55.35 cents/lb for the next week through Thursday, up 11 points on the week.
Dec 24 Cotton is at 69.35, up 67 points,
Mar 25 Cotton is at 70.63, up 57 points,
May 25 Cotton is at 71.73, up 52 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.
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