Cotton Facing Losses on Thursday
Cotton futures are trading on the weaker side so far on Thursday, with contracts down 29 to 35 points so far. The outside factors are being supportive but ignored. Crude oil futures are up 71 cents/barrel, with the US dollar index $0.688 lower.
The Seam reported 5,968 bales in online sales on 2/19 at an average price of 60.04 cents/lb. The Cotlook A Index was back up 60 points on Wednesday at 79.40 cents/lb. After ICE cotton stocks were building on Tuesday, they were left unchanged at February 19 at 1,732 bales of certified stocks. The USDA raised their Adjusted World Price (AWP) by 81 points at 53.99 cents/lb last Thursday. It will be updated later today.
Mar 25 Cotton is at 65.89, down 35 points,
May 25 Cotton is at 67.37, down 31 points,
Jul 25 Cotton is at 68.38, down 29 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.