Cotton futures are extending the losses on Wednesday morning, with contracts down 1 to 20 points. Price action on Tuesday was back to weaker trade, as contracts were 50 to 55 points lower. Crude oil futures were adding some pressure, down $1.66/barrel, with the US dollar index slipping $0.314 on the day.
The Cotlook A Index was down another 15 points on 2/24 at 77.90 cents/lb. ICE cotton stocks were steady on Monday at 1,732 bales of certified stocks. The Seam showed 6,184 bales in online sales on February 24, with an average price of 61.89 cents/lb. The USDA raised their Adjusted World Price (AWP) last week by 68 points to 54.67 cents/lb. It will be updated again this Thursday
Mar 25 Cotton closed at 65.96, down 55 points, currently down 1 point
May 25 Cotton closed at 67.37, down 51 points, currently down 19 points
Jul 25 Cotton closed at 68.3, down 50 points, currently down 20 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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