Cotton futures are getting back on th rally train at midday, with contracts up 16 to 133 points at midday. The old crop cotton futures are still leading the charge, as US stocks expectations are getting tight with solid export demand. The market is trying to do it’s part in price rationing! The US dollar index is up 653 points at midday, as CPI data came in higher than expected. Crude oil futures are helping cotton, with mid-session gains of $1.41/barrel.
The Seam reported 6,099 bales sold on Monday at an average price of 86.98 cents/lb. That was a 8.26 cent increase from the average sale price on Friday. The Cotlook A Index for 2/12 was 99.65 cents/lb, up by another 2.25 cents from the previous day. The AWP is 70.04 cents/lb. It will be updated on Thursday.
Mar 24 Cotton is at 91.86, up 133 points,
May 24 Cotton is at 92.41, up 111 points,
Jul 24 Cotton is at 92.64, up 113 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.
