Cotton Feeling Weaker on Wednesday
Cottonfutures are weaker again on Wednesday, with losses of 18 to 35 points. The outside markets are mixed today, as the US dollar index continues to rally, up anther 400 points, with crude oil futures 58 cents higher.
The weekly Crop Progress report from NASS showed cotton harvest at 71% complete as of November 10, 8 percentage points above the 5-year average pace.
The Seam reported 438 bales of online sales on November 12 at an average price of 63.28 cents/lb. ICE cotton stocks were unchanged on Tuesday, leaving 174 bales of certified stocks. The Cotlook A Index was down 100 points on 11/12 at 82.25 cents/lb. The USDA Adjusted World Price (AWP) was down another 58 points last week to 57.96 cents/lb.
Mar 25 Cotton is at 70.89, down 18 points,
May 25 Cotton is at 72.14, down 26 points,
Jul 25 Cotton is at 73.31, down 34 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.