Cotton Bulls Giving into Weakness at Midday
Cotton futures are trading with most contracts steady to 18 points in the red on Tuesday. Crude oil is up $0.49/barrel, with the US dollar index $0.067 higher.
Weekly Crop Progress data showed 95% of the US cotton crop planted (98% on average), with 40% squaring (3 points ahead of normal and 9% setting bolls. Condition ratings improved 4% to 51% gd/ex, with the Brugler500 index up 9 points to 336. Rating sin TX were up 10 points, with GA improving by 3.
Monday’s Acreage report from USDA showed 10.12 million cotton acres planted this spring, above trade ideas of 9.735 million and the 9.867 million acre March Intentions number.
The Seam reported 1,885 bales sold in the Monday online auction at an average price of 59.68 cents. The Cotlook A Index was up 50 another points on 6/30 at 80.15. ICE cotton stocks were down 4,427 on June 30 via decertification, with a certified stocks level of 40,683 bales. USDA’s Adjusted World Price (AWP) was up 15 points last Thursday at 54.18 cents/lb.
Jul 25 Cotton is at 68.02, up 174 points,
Oct 25 Cotton is at 67.66, down 2 points,
Dec 25 Cotton is at 67.95, down 18 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.
