Cotton Holding Higher at Midday
Cotton futures are trading with contracts 20 to 30 points higher, as in delivery July is unch. Crude oil is up $1.50/bbl to $70.73. The US dollar index is down $0.257 at $100.870.
The annual June acreage report will be released on Tuesday, with traders surveyed by Bloomberg looking for 9.6 million cotton acres planted this spring.
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Managed money was increasing their net long in cotton futures and options by 3,309 contracts in the week of 6/23, taking it to 38,445 contracts.
The Cotlook A Index was up 75 points on June 26 at 85.80 cents. ICE certified cotton stocks were down 2,216 bales on Friday with the certified stocks level at 185,034 bales. The Adjusted World Price was back up 151 points on Thursday afternoon at 63.88 cents/lb.
Jul 26 Cotton is at 71.66, unch,
Dec 26 Cotton is at 76.68, up 30 points,
Mar 27 Cotton is at 78, up 26 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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