Cotton Rallying at Wednesday’s Midday
Cotton futures are trading with midday gains of 99 to 130 points on Wednesday’s midday. Crude oil is $2.59 per barrel higher so far on the day, with the US dollar index slipping $0.032
Weekly Crop Progress data showed 40% of the US cotton crop with bolls opening as of Sunday, with 7% of the crop with harvested. Condition ratings were pegged at 34% good/excellent, down 5 percentage points on the week. The Brugler500 index was down another 6 points to 298. Ratings in Texas were down another 8 points to 252 on the Brugler500 index.
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The Seam reported sales on 632 bales at an average of 76.26 cents/lb in Tuesday’s sale. The Cotlook A index was again unchanged on 9/8 at 96.00. ICE certified cotton stocks unchaged on September 8, with the certified stocks level at 54,414 bales. The Adjusted World Price was raised by another 240 points on Thursday to 73.92 cents/lb.
Oct 26 Cotton is at 83.94, up 130 points,
Dec 26 Cotton is at 87.33, up 101 points,
Mar 27 Cotton is at 89.7, up 99 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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