Cotton Starts the Week with Modest Gains
Cotton futures saw slight strength on Monday, with contracts up 1 to 19 points at the close. Crude oil was up $1.74 per barrel on the session, with the US dollar index $0.142 higher.
The weekly Crop Progress report showed 85% of the US cotton crop with bolls opening as of Sunday. Harvest was tallied at 41%, running 4 percentage points ahead of normal. Condition ratings were pegged at 35% good/excellent, up 1 percentage points on the week. The Brugler500 index was steady at 292.
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The Seam reported 1,729 bales sold on 10/16, at an average of 74.28 cents/lb. The Cotlook A index was trimmed by 35 points on Friday at 91.10. ICE certified cotton stocks steady October 16, with the certified stocks level at 15,129 bales. The Adjusted World Price was back up 80 points last week to 64.61 cents/lb.
Dec 26 Cotton closed at 80.13, up 13 points,
Mar 27 Cotton closed at 83.43, up 19 points,
May 27 Cotton closed at 85.09, up 16 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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