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Cotton Posting Turnaround Tuesday Weakness to Start
Cotton futures are trading 59 to 78 points lower so far this morning. Prices saw some strength on Monday, with futures up 16 to 62 points. Crude oil closed with just a 3 cent gain, as Israel signaled possible retaliation over the weekend’s strike from Iran. The US dollar index was up 168 points.
Cotton planting across the US has now been reported at 8% complete according to NASS, even with the average pace in the last 5 years. That was also 1% ahead of last year.
The Seam reported 2,200 bales sold last Friday, at an average price of 85.25 cents/lb. The Cotlook A Index was down another 180 points to 89.60 cents/lb on April 12. The AWP dropped another 405 points to 65.43 last Thursday and is good through next week.
May 24 Cotton closed at 82.93, up 31 points, currently down 60 points
Jul 24 Cotton closed at 85.15, up 56 points, currently down 74 points
Dec 24 Cotton closed at 80.57, up 46 points, currently down 72 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.