Front month cotton futures are trading 20 to 35 points in the black, and 15 points off the session highs for Wednesday’s midday. A sharply lower US dollar index boosted commodity prices in general. The Goldman Sachs Commodity Index hit the highest reading since November 30.
The Federal Reserve’s Federal Open Market Committee will announce their decision and justification for the Federal Funds Rate through March 20th. Most traders are expecting no change from the 5.25%-5.5%.
The Cotlook A Index was 130 points lower to 93.55 cents/lb on 1/29. The Seam reported 8.2k bales were sold online for an average gross price of 77.36 cents/lb on 1/29. The AWP increased by 217 points to 67.64 cents for the week. ICE certified stocks were 999 bales as of 1/26.
Mar 24 Cotton is at 85.13, up 35 points,
May 24 Cotton is at 86.4, up 34 points,
Jul 24 Cotton is at 87.09, up 26 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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