Cotton Slips Lower on Wednesday
Cottonfutures posted losses of 28 to 35 points on Wednesday. The outside factors were adding pressure, as the US dollar index was up 522 points, with crude oil $0.93/barrel lower.
The weekly Export Sales report is delayed until Friday as the government offices will be closed Thursday for a National Day of Mourning for former President Carter’s funeral. Market hours should proceed as normal.
The Seam reported 13,770 bales of online sales on January 7 at an average price of 61.88 cents/lb. ICE cotton stocks were unchanged on Tuesday, at 20,113 bales of certified stocks. The Cotlook A Index was back up 100 points on 1/7 at 79.05 cents/lb. The USDA Adjusted World Price (AWP) was up 48 points from the previous week last Thursday at 55.03 cents/lb.
Mar 25 Cotton closed at 68.23, down 28 points,
May 25 Cotton closed at 69.37, down 31 points,
Jul 25 Cotton closed at 70.4, down 35 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. More news from Barchart