Cotton ended the Tuesday session just 7 points off their daily lows on triple digit losses. That has left Dec contract with a monthly drop sharper than a vampire’s fang at a net 5 ½ cent/lb!
Weekly NASS data showed 49% of the cotton crop had been harvested as of 10/29. That is up from 41% last week and is 2ppts ahead of the average pace. Cotton conditions improved by 2 points during the week for a final Brugler500 rating of 269. That’s down from 341 at the start, and compares to last year’s 327 initial and 268 final Brugler500 ratings.
The Cotlook A Index was 65 points stronger to 95 cents/lb on 10/27. The online cotton trading platform, The Seam, reported 1,571 bales were sold on 10/10 for an average gross price of 74.88 cents. The AWP for cotton is 68.72 cents/lb, through Thursday. ICE certified stocks were 73,978 bales on 10/27.
Dec 23 Cotton closed at 81.22, down 169 points,
Mar 24 Cotton closed at 83.51, down 137 points,
May 24 Cotton closed at 84.56, down 126 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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