Cotton Slips Lower on Wednesday
Cotton prices are up 14 to 21 points so far on Thursday morning. Futures closed Wednesday with contracts steady to 17 points lower at the close. Crude oil was up 38 cents per barrel on the session, with the US dollar index $0.705 higher.
Export Sales data will be pushed back to Friday due to the Wednesday Veterans Day federal holiday.
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Crop Production data showed US cotton yield down 15 lbs/ac to 775, as production was trimmed by 267,000 bales to 13.175 million. WASDE data showed domestic use trimmed by 100,000 bales, with ending stocks down 100,000 bales to 3.7 million bales on the production cut.
Cotton Ginnings data showed 2.05 million running bales ginned in the last two weeks of October, taking the marketing year total to 3.7 million RB as of November 1. That is down 898,000 RB from the same period last year and a 3-year low.
The Seam reported 1,780 bales sold on 11/10, at an average of 75.21 cents/lb. The Cotlook A index was up 15 points on November 10 at 90.85. The Adjusted World Price was down 94 points on last week to 63.57 cents/lb.
Dec 26 Cotton closed at 78.52, down 17 points, currently up 19 points
Mar 27 Cotton closed at 82.39, down 12 points, currently up 19 points
May 27 Cotton closed at 84.06, down 3 points, currently up 16 points
On the date of publication, Austin Schroeder did not directly have a position 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.