Cotton Slips Lower Ahead of Holiday Break
Cotton futures closed with contracts down 9 to 65 points across the bord on Wednesday, led by weaker front months. The outside factors were supportive but ignored, with crude oil up 83 cents/barrel, as the dollar index was down 387 points.
Cotton exports in May totaled 1.01 million bales, which was a drop of 16.6% from last month, and a 32.02% lower than the same month last year.
ICE certified cotton stocks were down 426 bales on decerts, to 53,791 bales on July 2. The Cotlook A Index was back up 50 points on July 2 at 83.45 cents/lb. The USDA Average World Price (AWP) will be in effect through July 4, and updated next on July 5 at 8 AM EDT.
Last week it was up 1.58 to 58.23 cents per pound.
Jul 24 Cotton closed at 68.68, down 65 points,
Dec 24 Cotton closed at 72.36, down 34 points,
Mar 25 Cotton closed at 74.05, down 34 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.