Cotton Bounce Extending into Thursday
The cotton market is up 84 to 119 points to start the Thursday session. Most contracts showed gains on Wednesday, with futures up 8 to 78 points. The outside market factors were helpful, with crude oil up 79 cents and the US dollar index down 732 points.
Export Sales data will be released this morning, with the trade looking to see if the cheaper prices attract more business on top of the 253,700 RB reported last week.
ICE certified cotton stocks were back up 4,470 bales on May 14 at 169,735 bales. The Cotlook A Index was 65 points higher on May 14 at 85.85 cents/lb. The AWP dropped another 91 points to 59.64 last Thursday will be updated later today.
Jul 24 Cotton closed at 75.41, up 78 points, currently up 91 points
Oct 24 Cotton closed at 75.27, down 31 points, currently up 84 points
Mar 25 Cotton closed at 75.85, up 15 points, currently up 79 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.
