Cotton Getting Tuesday AM Pop
The cotton market is posting 48 to 60 point gains following the overnight trade. Cotton resumed its slide on Monday, as contracts were down 22 to 100 points at the close. The US dollar index was up 42 points, a negative input, while crude oil was 57 cents higher.
The US cotton crop was reported at 24% planted as of Sunday, a 9% advance over the last week. The 5 year average planting pace for the crop is 20% complete by May 5, according to USDA/NASS.
ICE certified cotton stocks were unchanged on May 3 at 186,110 bales. The Cotlook A Index was down another 30 points on May 3 at 83.25 cents/lb. The AWP dropped another 78 points to 60.55.
May 24 Cotton closed at 76.56, down 80 points, currently unch
Jul 24 Cotton closed at 77.06, down 100 points, currently up 48 points
Dec 24 Cotton closed at 75.31, down 66 points, currently up 60 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.