Cotton Posting Gains to Start Friday
Cotton futures are up 6 to 45 this morning. They posted mixed action on Thursday, with contracts anywhere from up 38 points to 21 points lower. The outside market influences saw crude oil up $1.03/barrel (highest close since April 16) and the US dollar index 260 points lower.
USDA Export Sales data revealed an uptick to the old crop cotton bookings in the week of 4/18 to 177,077 RB. That was an 11-week high! New crop sales were slightly below the week prior at 65,735 RB. Export shipments dropped to a 9-week low of 261,698 RB.
ICE certified cotton stocks were up another 1,170 bales on April 24 at 178,147 bales. The Cotlook A Index was back down 50 points to 88.25 cents/lb on April 24. The AWP dropped another 85 points to 61.33 in this afternoon’s release and is good through next Thursday.
May 24 Cotton closed at 79.58, up 7 points, currently 49 points
Jul 24 Cotton closed at 81.08, up 7 points, currently 5 points
Dec 24 Cotton closed at 77.64, down 5 points, currently 4 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 Barchart Disclosure Policy here.