Cotton Holding Higher on Wednesday
Cotton futures are trading steady to 11 points higher, with October thin and up 76 points. The US dollar index is up $0.367 on the day to $97.980, with crude oil futures $1.69 lower.
The weekly NASS Crop Progress report showed 90% of the US cotton crop setting bolls as of Sunday (vs. 93% on average), with 28% listed as bolls opening and behind the 30% average pace. Condition ratings were down 3% to 51% gd/ex, as the Brugler 500 index was down 5 points to 344.
The Seam reported 279 bales sold on Tuesday at an average price of 64.03 cents/lb. The Cotlook A Index was steady at 77.95 cents on September 2. ICE cotton stocks were steady on 9/2, with the certified stocks level at 15,474 bales. USDA’s Adjusted World Price (AWP) was back down 59 points last week at 54.94 cents/lb.
Oct 25 Cotton is at 65.33, up 76 points,
Dec 25 Cotton is at 66.16, up 11 points,
Mar 26 Cotton is at 68, up 9 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.