Cotton prices are back down 61 to 75 points early on Tuesday. Futures saw gains of 110 to 247 points across the board on Monday, led by the front months. Crude oil was down $4.81 per barrel on the session, with the US dollar index back up $0.255.
Weekly Crop Progress data showed 65% of the US cotton crop with bolls opening as of Sunday, with 13% of the crop with harvested. Condition ratings were pegged at 34% good/excellent, down 2 percentage points on the week. The Brugler500 index was down 1 point at 295.
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US Treasury Secretary Bessent met with Chinese counterparts over the weekend in preparation for this week’s meeting between the leaders of the two countries. Traders were putting risk back in the market on Monday, in anticipation of the meeting.
The Seam reported a sales of 2,496 bales on Friday at an average of 77.26 cents.lb. The Cotlook A index was down 205 points on September 18 at 92.30. ICE certified cotton stocks were down 869 bales on 9/18, with the certified stocks level at 35,748 bales. The Adjusted World Price was back down 59 points last week to 68.92 cents/lb.
Oct 26 Cotton closed at 79.85, up 247 points, currently down 70 points
Dec 26 Cotton closed at 83.42, up 227 points, currently down 75 points
Mar 27 Cotton closed at 86.08, up 229 points, currently down 75 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.
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