Cotton Weaker on Tuesday
Cotton prices were down 17 to 47 points across most contracts on Tuesday. Crude oil was back up $3.70/barrel, as futures were adding risk premium back with President Trumps mulling US involvement in the Iran/Israel conflict. The US dollar index was back up $0.853 to $98.405.
The weekly Crop Progress report indicated condition ratings with a one point drop in the good to excellent categories, at 48%. The Brugler500 index was up four points to 328 on a smaller very poor part of the crop. Ratings in TX were up 8 points, with GA listed as steady. Other notable states were TN (+39), NC (+22), and MS (+11).
The Cotlook A Index was down 35 points on 6/13 at 77.80. ICE cotton stocks steady on June 16, with a certified stocks level of 62,212 bales. USDA’s Adjusted World Price (AWP) was back up 26 points last Thursday afternoon at 54.02 cents/lb.
Jul 25 Cotton closed at 65.05, down 39 points,
Oct 25 Cotton closed at 66.13, down 17 points,
Dec 25 Cotton closed at 67.55, down 47 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.