Cotton Weaker in AM Trading
Cotton prices are down by 40 to 70 points rolling into midweek. The cotton futures market mostly worked lower on Tuesday, but managed a mixed close due to December futures still trying to buy acres. New crop prices settled up by 15 to 21 points, while the old crop market was down by triple digits. May cotton printed nearly a 240 point range, most of which was in negative territory.
The Cotlook A Index was 5 points weaker to 98.40 cents/lb. USDA’s weekly Cotton Market Review showed 11,320 bales were sold at an average price of 89.25 cents/lb. The updated AWP is 76.10 cents/lb for the week through Thursday. ICE certified stocks added another 1,100 bales to 27,765 as of 3/13.
May 24 Cotton closed at 93.34, down 123 points, currently down 64 points
Jul 24 Cotton closed at 93.12, down 114 points, currently down 63 points
Dec 24 Cotton closed at 84, up 19 points, currently down 42 points
On the date of publication, Alan Brugler 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.
