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Cotton Falling on Turnaround Tuesday
Cotton futures are trading 133 to 271 points lower this morning. They were up 38 to 94 points on Monday. Active December is leading the way, up 94 points. The outside markets were mixed, with Crude Oil down $1.04 per barrel, with the US dollar index down 279 points and adding a little support. Weekly Crop Progress data indicated 15% of the US cotton crop planted a of 4/28, a 4% move on the week and 1% ahead of the 5-year average pace. ICE certified cotton stocks were up another 2,166 bales on April 26 at 183,596 bales. The Cotlook A Index was unchanged on April 26 at 87.80 cents/lb. The AWP dropped another 85 points to 61.33 last Thursday and is in effect through this Thursday. May 24 Cotton closed at 80.02, up 62 points, currently unchanged Jul 24 Cotton closed at 81.52, up 62 points, currently down 271 points Dec 24 Cotton closed at 78.25, up 94 points, currently down 138 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. |
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