Cotton Posts Mild Weakness on Wednesday
Cotton futures were lower on Wednesday, with contracts down 4 to 12 points in the nearbys at the close. Crude oil futures were back up $0.29/barrel, with the US dollar index up $0.208 on the day. The two-day Fed meeting concluded this afternoon, with interest rates left unchanged this month as expected.
Tuesday’s online auction from The Seam showed 6,604 bales sold at an average price of 65.27 cents/lb. The Cotlook A Index was back down 25 points on 3/18 at 79.00 cents/lb. ICE cotton stocks were steady again on March 18, with the current level of certified stocks at 14,488 bales. The USDA increased the weekly Adjusted World Price (AWP) by 188 points last Thursday to 53.76 cents/lb.
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May 25 Cotton closed at 66.35, down 12 points,
Jul 25 Cotton closed at 67.84, down 4 points,
Dec 25 Cotton closed at 69.52, down 4 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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