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Cotton Falls on Turnaround Tuesday
Cotton futures collapsed on Tuesday, with contracts down 128 to 309 points across the front months and deferreds 31 to 79 points lower. Price limits are back to 3 cents due to nearby futures getting back to the 70 cent level. Crude Oil was down $1.09 per barrel, with the US dollar index up 762 points on the day. Weekly Crop Progress data indicated cotton planting pace in the major states moving along, at TX was 18% complete, even with normal, and GA was 1% above the 5-year average pace at 10%. ICE certified cotton stocks were down 937 bales on April 29 at 182,659 bales. The Cotlook A Index was down 5 points on April 29 at 87.75 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 77.92, down 210 points, Jul 24 Cotton closed at 78.43, down 309 points, Dec 24 Cotton closed at 76.83, down 142 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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