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Cotton Posts Gains Despite Outside Pressure
Cotton prices closed with 50 to 56 point gains on Tuesday. The dollar index was up 86 points, with crude oil futures falling $4.09/barrel to add pressure. The Tuesday afternoon Crop Progress report indicated the US cotton crop at 95% setting bolls, with 37% of the crop with bolls opening. The latter was 6% ahead of average. Condition ratings were up 4% in the good and excellent ratings to 44%, with the Brugler500 index back up 9 points to 315. The Seam reported online cash sales of just 1,253 bales at an average price of 66.11 cents on Friday. ICE cotton stocks unchanged on August 30, leaving just 266 bales of cert stocks. The Cotlook A Index was back unchanged on September 2 at 81.20 cents/lb. The USDA Average World Price (AWP) was updated to 56.98 cents/lb for the next week through Thursday, up 108 points from the week prior. Dec 24 Cotton closed at 70.5, up 51 points, Mar 25 Cotton closed at 72.21, up 56 points, May 25 Cotton closed at 73.39, up 52 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. |
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