Cotton Rallies to Close August
Cotton futures posted 170 to 180 point gains across most front month contracts. Crude oil was $2.91 per barrel, with the US dollar index $0.293 lower.
Weekly Crop Progress data showed 89% of the US cotton setting bolls as of Sunday, with 29% of the crop with bolls opening. Condition ratings were pegged at 39% good/excellent, up 2 percentage points on the week. The Brugler500 index was down another 2 points to 302 as poor/very poor ratings were up 3%.
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The Seam reported sales of 2987 bales on Friday at an average price of 82.62 cents/lb. The Cotlook A Index was up 300 points on August 28 at 101.30 cents. ICE certified cotton stocks were down 3,149 bales on 8/28, with the certified stocks level at 63,178 bales. The Adjusted World Price was raised by another 190 points last week to 71.52 cents/lb.
Oct 26 Cotton closed at 91.7, up 178 points,
Dec 26 Cotton closed at 93.14, up 176 points,
Mar 27 Cotton closed at 95.14, up 180 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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