Cotton prices are mixed, with contracts down 9 to a few points higher so far on Wednesday morning. Futures closed with modest losses of 1 to 16 points across the board on Tuesday, despite a friendly USDA report. Crude oil was down $0.41 per barrel on the session, with the US dollar index $0.615 higher.
Crop Production data showed US cotton yield down 15 lbs/ac to 775, as production was trimmed by 267,000 bales to 13.175 million. WASDE data showed domestic use trimmed by 100,000 bales, with ending stocks down 100,000 bales to 3.7 million bales on the production cut.
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Cotton Ginnings data showed 2.05 million running bales ginned in the last two weeks of October, taking the marketing year total to 3.7 million RB as of November 1. That is down 898,000 RB from the same period last year and a 3-year low.
The Seam reported 6,182 bales sold on Monday, at an average of 81.94 cents/lb. The Cotlook A index was up 30 points on November 9 at 90.70. ICE certified cotton stocks were down 345 bales on a mix of new certs and decertification on 11/9, with the certified stocks level at 75,380 bales. The Adjusted World Price was down 94 points on last week to 63.57 cents/lb.
Dec 26 Cotton closed at 78.69, down 9 points, currently up 9 points
Mar 27 Cotton closed at 82.51, down 9 points, currently up 2 points
May 27 Cotton closed at 84.09, down 6 points, currently up 2 points
On the date of publication, Austin Schroeder did not directly have a position 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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