Cotton Posting Wednesday Gains
The cotton market is shooting higher on Wednesday, as contracts are up 170 to 245 points with May expiring today. The US dollar index is up 105 points, a negative input, while crude oil is 52 cents higher.
Precip is expected for a wide swath of the Southeast US over the next week, stretching from Central/Eastern TX and parts of the panhandle to the East Coast. This may help to slow what has been a fast paced planting season thus far.
ICE certified cotton stocks were down 16,020 on decertification on May 7 at 168,770 bales. The Cotlook A Index was up 160 points on May 7 at 84.85 cents/lb. The AWP dropped another 78 points to 60.55. It will be updated tomorrow afternoon.
May 24 Cotton is at 77, up 44 points,
Jul 24 Cotton is at 79.86, up 236 points,
Dec 24 Cotton is at 77.76, up 201 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.