Cotton Continue Weakness on Wednesday
Cotton futures are down 128 to 210 points across most contracts at midday. Crude Oil was is feeling the pressure, down below $80 per barrel at midday, down $2.65. The US dollar index is up 40 points on the day. The Fed will be out later this afternoon after their 2 day meeting, with most expecting no change to rate, but curious on where the Fed stands with future rate changes.
ICE certified cotton stocks were up 555 bales on April 30 at 183,114 bales. The Cotlook A Index was up 55 points on April 30 at 88.30 cents/lb. The AWP dropped another 85 points to 61.33 last Thursday and is in effect through tomorrow.
May 24 Cotton is at 77.92, down 210 points,
Jul 24 Cotton is at 77.09, down 134 points,
Dec 24 Cotton is at 75.55, down 128 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.