Cotton Slipping Lower on Wednesday
Cotton prices are trading 74 to 93 points lower so far on Wednesday. The US dollar index was is down just 20 points, but crude oil is also down 69 cents per barrel. CPI data was released this morning showing July CPI up 0.2% from June, in line with estimates, and up 2.9% on an annualized rate vs 3% estimates. Core CPI was up 3.2% yr/yr.
The Seam reported 703 bales of cotton sold in their online auction with prices averaging 65.70 cents/lb, up 55 points from the previous day. ICE cotton stocks were down 270 bales via decertification on August 13, leaving 15,526 bales of cert stocks. The Cotlook A Index was up 75 points on August 13 to 80.45 cents/lb. The USDA Average World Price (AWP) is 55.24 cents/lb and is good through this Thursday.
Dec 24 Cotton is at 67.07, down 92 points,
Mar 25 Cotton is at 68.65, down 92 points,
May 25 Cotton is at 69.98, down 93 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.
