Cotton Rallies on Wednesday
The cotton market shot higher on Wednesday, with futures closing 106 to 256 points higher as May rolled off the board. Cotton limits are reverting to 4 cents due to July creeping back in that 80 cent level. The US dollar index was up 105 points, a negative input, while crude oil was 86 cents higher.
Precip is expected for a wide swath of the Southeast US over the next week, stretching from Central/Eastern TX and parts of the panhandle to the East Coast. This may help to slow what has been a fast paced planting season thus far.
ICE certified cotton stocks were down 16,020 on decertification on May 7 at 168,770 bales. The Cotlook A Index was up 160 points on May 7 at 84.85 cents/lb. The AWP dropped another 78 points to 60.55. It will be updated tomorrow afternoon.
May 24 Cotton closed at 80.06, up 306 points,
Jul 24 Cotton closed at 80.06, up 256 points,
Dec 24 Cotton closed at 77.7, up 195 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.