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Cotton Posts Gains on Tuesday
Cotton futures pushed higher on Tuesday, recovering from Monday’s losses. Contracts we3re mostly 8 to 92 points higher. A 118 point stronger US Dollar Index was shrugged off, with crude oil up 63 cents providing some outside support.
Crop Progress data from Monday saw cotton ratings in TX down 8 points, with GA unchanged, as the overall crop fell 4 points to 353. For this specific week, that is still the best since 2017.
Very few adjustments are expected to the US cotton balance sheet in Wednesday’s WASDE, though some expect to see a cut to exports.
Warehouse cotton stocks continue to build ahead of July futures deliveries, as ICE certified cotton stocks were up 660 bales on June 10 at 133,127 bales. There were 0 decerts, with 5,002 bales awaiting review. The Cotlook A Index was back down 100 points on June 10 at 83.65 cents/lb. The USDA Average World Price (AWP) is 58.13 through Thursday.
Jul 24 Cotton closed at 72.73, up 92 points,
Dec 24 Cotton closed at 72.43, up 84 points,
Mar 25 Cotton closed at 73.88, up 64 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.