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Cotton Mixed to Start WednesdayCotton price action is showing mixed trade early on Wednesday with contracts down 10 to up 7 points. Futures posted Tuesday gains of 7 to 20 points on Tuesday. The outside markets ended the day as supportive factors, with crude oil back up 21 cents/barrel and the US dollar index 58 points lower. Crop Progress data tallied 97% of the US cotton crop setting bolls, with harvest now listed at 52% complete and 6 percentage points ahead of normal. The final condition rating score showed the crop at 33% gd/ex, down 4% from last week and a Brugler500 index dropping 9 points to 286. Texas rating slipped 13 points to 252, with GA steady at 314. The Seam reported 158 bales of online sales on October 28 at an average price of 69.25 cents/lb. ICE cotton stocks were unchanged on Monday, leaving 174 bales of certified stocks. The Cotlook A Index was down another 70 points on October 28 at 82.55 cents/lb. The USDA Adjusted World Price (AWP) was back up 4 points to 59.28 cents/lb last Thursday. Mar 25 Cotton closed at 72.74, up 20 points, currently down 10 points May 25 Cotton closed at 74.28, up 18 points, currently down 3 points Jul 25 Cotton closed at 75.39, up 20 points, currently up 2 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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