Cotton Holding onto Gains at Midday
Cotton futures are shrugging off some pressure from the outside markets and a negative USDA report from Tuesday, with midday gains of 2 to 14 points on Wednesday. The outside markets are mixed pressure on the midweek session, as crude oil futures are adding pressure, down $1.67/barrel, with the US dollar index $0.223 lower on the day.
The Cotlook A Index was back up 100 points on Tuesday at 78.05 cents/lb. The Seam reported 20,131 bales of online sales on February 11 at an average price of 62.17 cents/lb. ICE cotton stocks were unchanged on February 10, at 218 bales of certified stocks. The USDA Adjusted World Price (AWP) was reported at 53.18cents/lb last Thursday and will updated again on tomorrow afternoon.
Mar 25 Cotton is at 67.5, up 10 points,
May 25 Cotton is at 68.59, up 14 points,
Jul 25 Cotton is at 69.49, up 2 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.More news from Barchart
