Cotton Rallies from Early Weakness to Close Higher on Monday
Cotton futures posted 36 to 85 point gains across the board on Monday. Crude oil was back down $4.61 per barrel, with the US dollar index back up $0.61.
The Monday Crop Progress report showed 88% of the US cotton crop squared as of Sunday, now even with the 5-year average. The crop was also 55% setting bolls, with 4% bolls opening. Condition ratings were pegged at 42% good/excellent, down 4 percentage points on the week. The Brugler500 index was down 11 points to 325.
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The Cotlook A Index was back up 125 points on Friday at 90 cents. ICE certified cotton stocks were down 3,093 bales on July 31 via decertification, with the certified stocks level at 87,606 bales. The Adjusted World Price was raised by 84 points last week to 64.66 cents/lb.
Oct 26 Cotton closed at 81.35, up 85 points,
Dec 26 Cotton closed at 82.57, up 78 points,
Mar 27 Cotton closed at 84.13, up 77 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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