Cotton Ends July With Weakness
Cotton futures closed out July with contracts down 47 to 56 points in the front months. The outside markets strength is being ignored, with crude oil up $2.95/barrel and the dollar index down 304.
China has issued a 200,000 MT sliding tariff rate quota for cotton imports.
ICE cotton stocks were unchanged July 29, leaving 28,745 bales of cert stocks. The Cotlook A Index was up 125 points on July 30 at 79.60 cents/lb. The USDA Average World Price (AWP) was cut by 140 points to 55.02 cents/lb, and is in effect through this Thursday.
Dec 24 Cotton closed at 68.99, down 56 points,
Mar 25 Cotton closed at 70.67, down 51 points,
May 25 Cotton closed at 71.93, down 47 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.