Cotton Rallying Back Early on Wednesday

Cotton prices are up 36 to 100 points early on Wednesday. Futures were mixed on Tuesday, with contracts closing 22 points higher to 26 points lower.  Crude oil was back up $2.77 per barrel on the day, with the US dollar index slipping $0.335. 

Weekly Crop Progress data showed 40% of the US cotton crop with bolls opening as of Sunday, with 7% of the crop with harvested. Condition ratings were pegged at 34% good/excellent, down 5 percentage points on the week. The Brugler500 index was down another 6 points to 398.

The Cotlook A index was unchanged on September 7 at 96.00. ICE certified cotton stocks were down 8,678 bales on decertification on Friday, with the certified stocks level at 54,414 bales. The Adjusted World Price was raised by another 240 points on Thursday to 73.92 cents/lb.

Oct 26 Cotton  closed at 82.64, up 22 points, currently up 100 points

Dec 26 Cotton  closed at 86.32, down 1 points, currently up 36 points

Mar 27 Cotton  closed at 88.71, up 9 points, currently up 37 points

On the date of publication, Austin Schroeder 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.