Cotton Weakness Continue to Start Tuesday
Cotton price action is weaker again this morning, with contracts down 33 to 38 points in the nearbys. Futures posted 12 to 39 point losses on the Monday session. The outside markets were supportive on the day. Crude oil futures were up another $0.30/barrel, with the US dollar index down $0.175 on the day.
Friday’ online auction from The Seam showed 2,123 bales sold at an average price of 64.18 cents/lb. The Cotlook A Index was back down 45 points on 3/14 at 78.40 cents/lb. ICE cotton stocks were steady again on March 14, with the current level of certified stocks at 14,488 bales. The USDA increased the weekly Adjusted World Price (AWP) by 188 points last Thursday afternoon to 53.76 cents/lb.
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May 25 Cotton closed at 66.98, down 39 points, currently down 38 points
Jul 25 Cotton closed at 68.24, down 36 points, currently down 37 points
Dec 25 Cotton closed at 69.86, down 12 points currently down 33 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.
