Cotton futures are mixed on Tuesday, with July up 16 points and the rest of the front months down 41 to 43 points. Crude oil continues to provide pressure, down another 91 cents/barrel.
Crop Progress data showed 70% of the US cotton crop planted, on par with the average pace. Texas planting pace was 1% behind average at 62%, with GA 4% back of normal at 77%. The crop was also 9% squared, 1% faster than normal. Condition ratings were up 1% to 61% gd/ex, with the Brugler500 down 5 points to 357 on a shift to poor/very poor ratings. Several states, saw conditions drop 5 points or more, with TX down 5 and GA 6 points lower.
USDA’s Cotton System Consumption and Stocks report from NASS showed 641 RB of cotton consumed in the US during April, down 15.4% from the month prior. Stocks at the end of the month were 1,221 RB, down 56% from last year.
ICE certified cotton stocks were up 1,039 bales on June 3 at 126,714 bales. The Cotlook A Index was down another 165 points on June 3 at 85.15 cents/lb. The USDA Average World Price (AWP) was raised 429 points to 64.37 cents/lb and will be in effect until Thursday.
Jul 24 Cotton is at 73.31, up 16 points,
Dec 24 Cotton is at 72.93, down 42 points,
Mar 25 Cotton is at 74.75, down 43 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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