Cotton Climbing Back Higher on Thursday Morning

Cotton - jeff-hutcheson-i-62dBYw_vM-unsplash

Cotton prices are up 11 to 74 points this morning. Futures were down 6 to 133 points across the board on Wednesday. Outside factors were a negative influence, with crude oil down 54 cents/barrel and the US dollar index up 541 points.

The weekly Crop Progress report showed 59% of the cotton crop planted as of Sunday, 2% ahead of average. The crop was also pegged at 4% squared, 1% behind normal. The initial condition rating was tallied at 60% gd/ex. That translates to a Brugler500 index of 362, the best initial rating for the crop since 2017. Ratings in TX were at 349, also the best start since 2017, with GA at 360.

The Seam reported 552 bales sold on the platform on May 28 at an average price of 65 cents/lb. ICE certified cotton stocks were back up 265 bales on May 28 at 193,691 bales. The Cotlook A Index was down 125 points on May 28 at 89.60 cents/lb. The AWP was 62 points to 60.08 cents/lb and is good through Thursday. 

Jul 24 Cotton  closed at 81.1, down 133 points, currently up 63 points

Dec 24 Cotton  closed at 78.1, down 102 points, currently up 6 points

Mar 25 Cotton  closed at 79.63, down 97 points, currently up 13 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.