Cotton Slips Lower into Tuesday Close
Cotton futures ended Tuesday on a weaker noted despite a midday bounce, with contracts down 23 to 74 points on the session. Crude oil was up $1.69 on the day with the US dollar index was up $0.325.
Monday afternoon’s Crop Progress showed 60% of the US cotton crop squared as of Sunday, 1% ahead of normal. The crop was also 22% setting bolls, matching the 5-year average pace. Condition ratings were pegged at 44% good/excellent, down 2 percentage points on the week. The Brugler500 index was down 1 points to 331. Crop ratings in TX were down 7 points on the week, with GA ratings improving 2 points.
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The Cotlook A Index was unchanged on July 13 at 90.70 cents. ICE certified cotton stocks were down 5,842 bales on 7/13 via decertification, with the certified stocks level at 121,258 bales. The Adjusted World Price was back up 92 points last week to 62.86 cents/lb.
Oct 26 Cotton closed at 79.6, down 23 points,
Dec 26 Cotton closed at 80.87, down 64 points,
Mar 27 Cotton closed at 82.23, down 70 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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