Cotton Weaker on Wednesday
Cotton futures are trading with 50 to 60 point gains on Wednesday. The dollar index is back down 466 points, with crude oil futures falling another 56 cents/barrel to add pressure.
The Tuesday afternoon Crop Progress report indicated the US cotton crop at 95% setting bolls, with 37% of the crop with bolls opening. The latter was 6% ahead of average. Condition ratings were up 4% in the good and excellent ratings to 44%, with the Brugler500 index back up 9 points to 315.
Census data released this morning showed July cotton exports are 773,848 bales excluding linters. That was the lowest monthly total since last November and down 20.5% from the same month in 2023.
The Seam reported online cash sales of 1,240 bales at an average price of 64.71 cents on Tuesday. ICE cotton stocks were unchanged on September 3, leaving 266 bales of cert stocks. The Cotlook A Index was unchanged on September 3 at 81.20 cents/lb. The USDA Average World Price (AWP) was updated to 56.98 cents/lb for the next week through Thursday, up 108 points from the week prior.
Dec 24 Cotton is at 69.91, down 59 points,
Mar 25 Cotton is at 71.65, down 56 points,
May 25 Cotton is at 72.88, down 51 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.