Cotton Posts Strength on Monday with Dollar Weakness
Cotton futures closed out the Monday session with contracts 65 to 75 points higher. Crude oil prices were up $0.21/barrel. The US dollar index was back down $0.726 to $100.220.
NASS pegged the US cotton crop at 40% planted as of Sunday, slightly behind the 5-year average at 43%.
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The Seam reported 707 bales sold on 5/16 at an average price of 56.15 cents. The Cotlook A Index was unchanged on Friday at 77.25. ICE cotton stocks were steady on May 16, with a certified stocks level of 34,153 bales. USDA’s Adjusted World Price (AWP) was back down 91 points on Thursday to 53.90 cents/lb.
Jul 25 Cotton closed at 65.64, up 75 points,
Oct 25 Cotton closed at 68.32, up 74 points,
Dec 25 Cotton closed at 68.34, up 67 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.
