Cotton Holds Lower on Tuesday, with Condition Ratings Slipping
Cotton futures were down 49 to 64 points on the Tuesday session. The US dollar index was up $0.575 on the day to $98.265, with crude oil futures $0.96 higher.
Th weekly NASS Crop Progress report showed 90% of the US cotton crop setting bolls as of Sunday (vs. 93% on average), with 28% listed as bolls opening and behind the 30% average pace. Condition ratings were down 3% to 51% gd/ex, as the Brugler 500 index was down 5 points to 344.
The Seam reported 322 bales sold on Friday at an average price of 63.77 cents/lb. The Cotlook A Index was down 75 points to 77.95 cents on September 1. ICE cotton stocks were steady on 8/29, with the certified stocks level at 15,474 bales. USDA’s Adjusted World Price (AWP) was back down 59 points last week at 54.94 cents/lb.
Oct 25 Cotton closed at 64.57, down 64 points,
Dec 25 Cotton closed at 66.05, down 49 points,
Mar 26 Cotton closed at 67.91, down 53 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.