Thursday’s round of trading has futures down 40 to 70 points so far. New crop prices settled lower on Wednesday, though December had firmed up 72 points from the midday lows. July cotton futures closed down by 135 points and only 11 points off the session low. That marked the 11th red candle from the last 15 sessions for the lead month contract – a net 7.11 cent drop in that span. Dec had flipped to a net premium to old crop (contango) for the first time since May 9th.
The online cotton trading platform The Seam reported 4,688 bales sold on 6/20 for an average gross price of 68.44 cents. The Cotlook A Index was steady at 91.65 cents for 6/20. The AWP for cotton is 67 cents flat. ICE Certified stocks were 20,267 bales on 6/16.
Jul 23 Cotton closed at 79.31, down 135 points, currently down 39 points
Dec 23 Cotton closed at 80.52, down 18 points, currently down 67 points
Mar 24 Cotton closed at 80.7, down 9 points, currently down 52 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.
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