Cotton Continuing Descent into Wednesday
Cotton futures are down 36 to 89 points following overnight action. The closing bell in the cotton market had futures down 51 to 251 points. The outside market had little impact, as WTI crude oil was up 17 cents, with the US dollar index up 187 points.
Cotton planting in the two major cotton growing states is off to a slightly slower start, with TX at 13% complete and GA 1% planted, both 1% back of normal, despite the national level on par with average.
ICE certified cotton stocks are at 169,431 bales as of 4/15. The Cotlook A Index was down another 70 points to 88.90 cents/lb on April 15. The AWP dropped another 405 points to 65.43 last Thursday and is good through next week.
May 24 Cotton closed at 81.29, down 164 points, currently down 81 points
Jul 24 Cotton closed at 83.09, down 206 points, currently down 89 points
Dec 24 Cotton closed at 79.14, down 143 points, currently down 64 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.