Cotton Ignores Outside Markets to Close with Monday Strength
Cotton futures posted gains of 35 to 56 points across most contracts on Monday. Crude oil was down $3.72 at the close after the US and Iran came to a peace deal over the weekend, to be signed this Friday. The US dollar index was down $0.285 at $99.460.
Monday afternoon’s Crop Progress showed 86% of the US cotton crop planted as of Sunday, 2% behind the average pace, with 19% squared, 2% ahead of normal. Condition ratings were pegged at 51% good/excellent, down 2 percentage points on the week. The Brugler500 index was up 1 to 346 as 3% shifted from very poor to fair.
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The Cotlook A Index was back up 110 points on Thursday at 84.75 cents. ICE certified cotton stocks were unchanged on 6/12 with the certified stocks level at 192,699 bales. The Adjusted World Price was down another 194 points last week at 61.26 cents/lb.
Jul 26 Cotton closed at 73.43, up 49 points,
Dec 26 Cotton closed at 76.81, up 39 points,
Mar 27 Cotton closed at 78.12, up 48 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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