Cotton Falls on Tuesday
Cotton futures posted Tuesday losses of 50 to 70 points across most contracts, with October slipping 120 points. Crude oil prices were down $0.59/barrel, with the US dollar index back up $0.119 to $99.025.
Rains are expected to fall from the central part of Texas to over the Southeast in the next week, adding pressure on Tuesday.
USDA reported 76% of the US cotton crop planted as of Sunday, lagging the 80% average pace. Planting in TX was 72% complete, and behind the 74% pace with GA 2% behind normal at 87%. The crop was 12% squared, matching the 5-year average. Conditions were steady at 49% gd/ex, with the Brugler500 index unchanged at 324. Ratings in TX were down 3 points, with GA up 4 points.
The Seam showed 1,581 bales in online sales on Monday, with an average price of 71.25 cents/lb. The Cotlook A Index was back up 25 points on 6/9 at 78.00. ICE cotton stocks were up 1,386 bales on June 9 via new certifications, with a certified stocks level of 53,351 bales. USDA’s Adjusted World Price (AWP) was back down 8 points last week at 53.76 cents/lb.
Jul 25 Cotton closed at 65.42, down 57 points,
Oct 25 Cotton closed at 65.7, down 120 points,
Dec 25 Cotton closed at 67.71, down 64 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.