Cotton prices reverted to weakness during the day session, despite earlier gains in the overnight. Contracts were down 7 to 74 points on the day. Outside factors are offsetting, with crude oil up 79 cents and over $81/barrel, as the US dollar index was up 439 points.
Export Sales data will be released on Friday morning.
The ICE certified cotton stocks were down 876 bales on June 18 at 136,187 bales. There were 1,687 decerts, with 811 new certs and 4,442 bales awaiting review. The Cotlook A Index was up 100 points on June 19 at 82.70 cents/lb. The USDA Average World Price (AWP) was down 81 points to 57.32 cents per pound last week. USDA will update the number this afternoon.
Jul 24 Cotton closed at 70.85, down 18 points,
Dec 24 Cotton closed at 72.62, down 14 points,
Mar 25 Cotton closed at 73.96, down 9 points
On the date of publication, Alan Brugler 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 Disclosure Policy here.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
