Cotton Pushing Back Lower at Midday
The cotton market showing losses on Turnaround Tuesday, to continue the slide with 25 to 131 point losses. They are shrugging off outside market strength, with crude oil up $1.02 at midday and the US dollar index down 358 points.
The US cotton crop was 11% planted as of April 21 according to the NASS Crop Progress report. That matches both the 5-year average and last year’s pace. The largest state of TX was on pace with normal at 16% complete, with GA 4% and 1% behind normal.
ICE certified cotton stocks were up another 175 bales on April 22 at 176,785 bales. The Cotlook A Index was back up 50 points to 87.05 cents/lb on April 22. The AWP dropped another 325 points to 62.18 last week and is good through this Thursday.
May 24 Cotton is at 78.73, down 131 points,
Jul 24 Cotton is at 81.56, down 86 points,
Dec 24 Cotton is at 78.08, down 41 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.