Cotton Posts Monday Strength
Cotton futures started the week off with a little strength, as contracts were up 65 to 107 points at the close. Crude oil prices shot higher, up $2.25, with the US dollar index down $0.644 to $98.615.
The Monday afternoon Crop Progress report indicated 66% of the US cotton crop was planted, 3 percentage points back of average. The crop was also 8% squared, vs. 7% via the 5-year average pace. Condition ratings were tallied at 49% good/excellent, which is 12% below last year. The Brugler500 index was at 324, which is the lowest initial crop score since 2013.
The Cotlook A Index was down another 45 points on 5/30 at 77.25. ICE cotton stocks were steady on May 30 with a certified stocks level of 43,006 bales. USDA’s Adjusted World Price (AWP) was back up 32 points last week at 53.84 cents/lb.
Jul 25 Cotton closed at 66.13, up 107 points,
Oct 25 Cotton closed at 68.09, up 65 points,
Dec 25 Cotton closed at 68.69, up 94 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.