Cotton Slips Lower into the Wednesday Close with Outside Pressure
Cotton futures were steady to 66 points lower, led by the front month October contract. Crude oil was back down $3.69 per barrel on the session, with the US dollar index up $0.719. As most expected the Fed raised rates by 0.25% on Wednesday, while also signaling the potential for another rate hike yet this year.
The Seam reported an average sale price of 80.51 cents in Tuesday’s sale, of 2,380 bales. The Cotlook A index was down 150 points on 9/15 at 96.15. ICE certified cotton stocks were down 532 bales on September 15, with the certified stocks level at 37,930 bales. The Adjusted World Price was back down 441 points on last week to 69.51 cents/lb.
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Oct 26 Cotton closed at 80.44, down 66 points,
Dec 26 Cotton closed at 84.36, down 12 points,
Mar 27 Cotton closed at 86.89, down 10 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.
