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Cotton Posts Rally on Monday
Cotton futures closed out the Monday session with contracts up 28 to 121 points. The outside markets are mixed, with crude oil back up $1.26/barrel and the US dollar index 498 points higher.
Crop Progress data showed the US cotton crop with 94% setting bolls, 3% ahead of the 5-year average pace. Harvest was 44% complete as of October 20, 6 percentage points ahead of normal. Condition ratings were up 3% to 37% good/excellent, but just 1 point higher at 295 on the Brugler500 index as there was a shift to very poor.
The Seam reported 540 bales of online sales on October 18 at an average price of 62.15 cents/lb. ICE cotton stocks were unchanged on Friday, leaving 174 bales of certified stocks. The Cotlook A Index was down 45 points on October 18 at 82.35 cents/lb. The USDA Adjusted World Price (AWP) was trimmed by another 117 points on Thursday to 59.24 cents/lb.
Mar 25 Cotton closed at 74.12, up 103 points,
May 25 Cotton closed at 75.5, up 97 points,
Jul 25 Cotton closed at 76.44, up 97 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.