Cotton Pushes Higher into the Close
Cotton futures were up 8 to 33 points higher. Crude oil was back down $1.54/barrel, as futures are giving some risk premium back as Iran there was light talk of negotiations. The US dollar index was back down $0.396 to $97.780.
The weekly Crop Progress report indicated that the US cotton crop was 85% planted as of June 15th, lagging the average pace by 5 points. Overall 19% of the crop was squaring, 2% ahead of normal, with5% already setting bolls, matching the average. Condition ratings saw a one point drop in the good to excellent categories, at 48%. The Brugler500 index was up four points to 328 on a smaller very poor part of the crop.
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The Seam reported 245 bales of online sales at an average price of 58.29 cents/lb. The Cotlook A Index was down 25 points on 6/13 at 77.80. ICE cotton stocks steady on June 13, with a certified stocks level of 62,212 bales. USDA’s Adjusted World Price (AWP) was back up 26 points on Thursday afternoon at 54.02 cents/lb.
Jul 25 Cotton closed at 65.44, up 8 points,
Oct 25 Cotton closed at 66.3, up 33 points,
Dec 25 Cotton closed at 68.02, up 18 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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