Cotton Pulling Back on Tuesday
Cotton futures are fading off the 3 cent limit gains from Monday, with contracts back down 62 to 79 points at midday. The dollar index is back up 175 points so far, with crude oil futures up $1.73/barrel.
Weekly Crop Progress data tallied 54% of the US cotton crop with bolls opening by 9/15, 4% ahead of the 5-year average. Harvest was running 2 percentage points faster than average at 10%, as TX was 5% speedier than the average at 22%.. Cotton conditions were 39% in good/excellent categories, down 1% from last week. The Brugler500 index improved 2 points to 308, as the poor/very poor ratings were down 2%. Ratings in TX were improved by 3 points to 280, with GA up 4 points to 349.
The Seam reported 2,835 online cash cotton bale sales on September 16, averaging 66.32 cents/lb. ICE cotton stocks were unchanged on September 16, leaving 265 bales of cert stocks. The Cotlook A Index was back down 50 points on September 16 at 81.45 cents/lb. The USDA Adjusted World Price (AWP) was slashed by 127 points last week to 56 cents/lb. It is good through this Thursday.
Dec 24 Cotton is at 72.03, down 79 points,
Mar 25 Cotton is at 73.57, down 67 points,
May 25 Cotton is at 74.63, down 62 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.