Cotton Leaking Lower on Tuesday
Futures found some early strength this morning, but are fading lower at midday, with losses of 7 to 39 points. The US dollar index is pulling off the earlier lows and now closer to unch, with crude oil $1 lower.
The weekly NASS Crop Progress report had cotton planting across the US at 5% as of Sunday, which was down 1% point from the 5-year average pace. Planting pace in TX was 2% behind normal at 10% with AZ the only other state reporting at 16% done.
The Seam reported 560 bales sold on the April 4th sale for an average price of 68.38 cents, a 2.62 cent drop from the previous day. The Cotlook A Index was down another 65 points to 91.95 cents/lb on 4/8. The AWP weakened by another 140 points to 69.48 last Thursday and is in effect through this coming Thursday.
May 24 Cotton is at 86.24, down 41 points,
Jul 24 Cotton is at 88.34, down 5 points,
Dec 24 Cotton is at 82.3, down 24 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.