Cotton Bulls Continue to Push Back on Wednesday Morning
Cotton price action is showing 3 to 25 point gains so far in early Wednesday trade. Futures posted gains of 88 to 94 points on Tuesday. The outside markets were mixed factors, as crude oil futures were down 43 cents/barrel. The US dollar index was providing the support, down 1.042 on the day.
The Seam reported 4,407 bales of online sales on February 3 at an average price of 59.81 cents/lb. ICE cotton stocks were unchanged on Monday, at 218 bales of certified stocks. The Cotlook A Index was down another 50 points on 2/3 at 76.80 cents/lb. The USDA Adjusted World Price (AWP) was back up 31 points from the previous week last Thursday afternoon at 54.02 cents/lb.
Mar 25 Cotton closed at 66.94, up 90 points, currently up 17 points
May 25 Cotton closed at 68.05, up 94 points, currently up 15 points
Jul 25 Cotton closed at 69.1, up 88 points, currently up 25 point
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.