Cotton futures saw strength on Wednesday, with contracts 8 to 48 points higher, as December was the lone holdout, down a tick. Crude oil was down just 62 cents per barrel, with the US dollar index $0.140 higher.
USDA’s Crop Production report from this morning showed cotton down just 90,000 bales to 13.61 million bales. Acres were raised by 0.62 million acres to 10.47 million. Yield was trimmed by 74 lbs/ac to 798 lbs. Old crop stocks were unchanged at 4.2 million bales, with new crop down 100,000 bales to 4 million.
The Seam reported 517 bales sold on 8/11 at an average price of 75.24 cents. The Cotlook A Index was down 50 points on Tuesday at 94.45 cents. ICE certified cotton stocks were down 1,772 bales on August 11, with the certified stocks level at 80,714 bales. The Adjusted World Price was raised by 163 points last week to 66.29 cents/lb.
Oct 26 Cotton closed at 83.21, up 12 points,
Dec 26 Cotton closed at 84.38, down 1 points,
Mar 27 Cotton closed at 86.32, up 8 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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