Cotton Losses Pushing Further into Friday’s Midday
Cotton futures are showing weakness pushing lower into the weekend, with contracts down 67 to 78 points as the outside factors are mixed. The US dollar index is back down $0.938 to $99.805, as crude oil futures are $1.85/barrel lower.
Export Sales data has cotton sales commitments at 11.807 million RB, which is 107% of USDA’s export projection. That is even with last year, but lagging the 115% 5-year average pace.
The Seam showed sales of 176 bales on Thursday, with an average price of 60.50 cents/lb. The Cotlook A Index was down 25 points at 77.95 cents on July 31. ICE cotton stocks were steady on 7/31, with the certified stocks level at 21,617 bales. USDA’s Adjusted World Price (AWP) was back down 43 points on Thursday afternoon at 54.52 cents/lb.
Oct 25 Cotton is at 64.94, down 67 points,
Dec 25 Cotton is at 66.48, down 77 points,
Mar 26 Cotton is at 67.82, down 78 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.