Cotton Rallying on Wednesday Morning
Cotton prices are showing 112 to 127 point higher action on Wednesday morning. Futures were up 21 to 54 points so far across the front months on Tuesday. The dollar index was up 122 points on the day, with crude oil futures back down $2.39/barrel.
Crop Progress data from NASS pegged condition ratings back down 4% to 40% in the gd/ex categories, with the Brugler500 index dropping 9 points to 306. Ratings in TX were 17 points worse, with GA down 6 points.
The Seam ported 2,051 online cash cotton bale sales on Monday, average 58.46 cents/lb. ICE cotton stocks were unchanged on September 9, leaving 265 bales of cert stocks. The Cotlook A Index was down 140 points on September 9 at 79.40 cents/lb. The USDA Adjusted World Price (AWP) was raised by 29 points from the week prior on Thursday to 57.27 cents/lb.
Dec 24 Cotton closed at 68.21, up 52 points, currently up 127 points
Mar 25 Cotton closed at 69.84, up 38 points, currently up 125 points
May 25 Cotton closed at 71.13, up 33 points, currently up 126 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.
