Cotton Posts Gains on Monday, as NASS Slashes Crop Ratings
Cotton futures were 6 to 34 points higher, across most contracts on Monday. Crude oil was up $1.19/bbl to $70.42. The US dollar index was down $0.247 at $100.880.
Monday afternoon’s Crop Progress showed 97% of the US cotton crop planted as of Sunday, matching the average pace, with 37% squared, 1% ahead of normal. The crop was also 9% setting bolls, matching the 5-year average pace. Condition ratings were pegged at 48% good/excellent, down 5 percentage points on the week. The Brugler500 index was down 10 points to 335.
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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.
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 closed at 72, up 34 points,
Dec 26 Cotton closed at 76.45, down 52 points,
Mar 27 Cotton closed at 77.8, down 49 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.
