Cotton Posting Thursday AM Weakness

Cotton price action is down 15 to 23 points so far on Thursday. Futures closed the midweek session, with contracts up 15 to 21 points in the front months and down 2 to 35 in the deferreds. Crude oil was up $1.03 per barrel on the session, with the US dollar index $0.326 higher.

The weekly Crop Progress report showed 82% of the US cotton crop with bolls opening as of Sunday. Harvest was tallied at 31%, running 2 percentage points ahead of normal. Texas was listed at 38% harvested, 4% ahead of normal. Condition ratings were pegged at 34% good/excellent, up 2 percentage points on the week. The Brugler500 index was back up 2 points to 292.

The Seam reported 675 bales sold on October 13, at an average of 74.80 cents/lb. The Cotlook A index was up 10 points on 10/14 at 91.25. ICE certified cotton stocks were steady on Tuesday, with the certified stocks level at 17,756 bales. The Adjusted World Price was down another 135 points last week to 63.81 cents/lb.

Dec 26 Cotton  closed at 80.66, up 15 points, currently down 15 points

Mar 27 Cotton  closed at 84, up 17 points, currently down 21 points

May 27 Cotton  closed at 85.69, up 21 points, currently down 22 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.