Cotton prices are trading 72 to 111 points in early Wednesday trading. Cotton futures closed out Tuesday with a reversal of Monday’s strength, as contracts were down 23 to 107 points. The outside factors were adding pressure, with crude oil down another $1.13 and the US dollar index up 50 points. A surging US stock market also kept the hot money flowing toward equities instead of commodities.
NASS Crop Progress data indicated the US cotton crop was ahead of the average development pace, with 64% squaring (vs. 63% on average) and 27% setting bolls (5% ahead of normal). Condition ratings were unchanged in the good/excellent categories at 45%, with 1% slipping from poor to very poor. The Brugler500 index was down 1 point to 319. By state, TX was 4 points lower, with GA up 4 points.
ICE cotton stocks were unchanged on July 15, leaving 41,122 bales of certified stocks. The Cotlook A Index was up 30 points on July 15 at 81.80 cents/lb. The USDA Average World Price (AWP) was cut by 172 points on Thursday to 56.08 cents/lb last week and is effective through Thursday.
Dec 24 Cotton closed at 71.37, down 107 points, currently up 110 points
Mar 25 Cotton closed at 73.31, down 95 points, currently up 110 points
May 25 Cotton closed at 74.72, down 87 points, currently up 108 points
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