Cotton price action is down 110 to 130 points early on Wednesday. Futures saw weakness later on Tuesday, with contracts down 19 to 29 points following more than expected acres. The US dollar index was $0.658 lower at $99.695. Crude oil futures were down $1.13 to $101.75 on the day.
March Prospective Plantings data from this morning showed cotton acres seen at 9.64 million acres this spring. That was a 409,000 increase from estimates and would be 357,000 acres above a year ago.
The Seam showed 2,566 bales sold on Monday at an average of 61.79 cents/lb. The Cotlook A Index was up 10 points on 3/30 at 80.20 cents. ICE certified cotton stocks were unchanged on March 30, with the certified stocks level at 114,665 bales. The Adjusted World Price was raised by 25 points last Thursday to 54.47 cents/lb.
May 26 Cotton closed at 70, down 19 points, currently down 130 points
Jul 26 Cotton closed at 72.13, down 29 points, currently down 123 points
Dec 26 Cotton closed at 74.34, down 27 points, currently down 110 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.
