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Cotton Shrugging Off Early Weakness for Midday Gains
Cotton is ignoring the early weakness from overnight trade, with contracts up 32 to 44 points so far on Tuesday. The outside market factors are not supportive again today, with crude oil $1.01 and the US dollar index 75 points higher.
NASS Crop Progress data showed 44% of the US cotton crop was planted as of Sunday, an 11% increase on the week. That is now in line with the average pace over the last 5 years and 2% ahead of last year. TX was 2% back of the 5-year average pace at 37%, with GA 3% behind at 47%.
ICE certified cotton stocks were down 1,695 bales on a mix of new certs and decerts on May 20 at 190,653 bales. The Cotlook A Index was back down 25 points on May 20 at 85.60 cents/lb. The AWP dropped another 18 points to 59.46 on Thursday and is good through this Thursday.
Jul 24 Cotton is at 76.47, up 44 points,
Dec 24 Cotton is at 75.36, up 35 points,
Mar 25 Cotton is at 76.95, up 32 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.