Famous Last Words? Cotton Not Doing Much
Cotton prices are trading on both sides of unchanged as we roll into midday on Tuesday, with thinly traded October down 14 points and other contracts 3 points either side of UNCH. Futures had closed out the Monday session with losses of 52 to 58 points. Crude oil futures are down a sharp 99 cents per barrel. The US dollar index is weaker, as the heavily weighted euro extends the rally it began on Friday.
Weekly USDA Crop Progress data indicated 75% of the US cotton crop was squaring as of July 20, with 33% setting bolls, matching the average maturity pace. Condition ratings across the Belt improved 3% to 57% gd/ex, with the Brugler500 index up 8 points to 347.
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The weather forecasts for the next week feature dryness for much of Texas, with some of the Southeast forecast to receive 1 to 2 inches, with amounts rising towards the Gulf.
The Seam showed sales of 58 bales on Friday, with an average price of 68.35 cents/lb. The world focused Cotlook A Index was down 5 cents at $79.45 on July 21. ICE cotton stocks were steady on 7/18, with the certified stocks level at 22,337 bales. USDA's Adjusted World Price (AWP) was up a tick on Thursday at 54.72 cents/lb. It is in effect through this coming Thursday.
Oct 25 Cotton is at 66.66, up 12 points,
Dec 25 Cotton is at 68.4, up 30 points,
Mar 26 Cotton is at 69.73, up 27 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. This article was originally published on Barchart.com
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