Cotton Closes Lower on Tuesday
Cotton futures closed with 27 to 74 point losses on the Tuesday session. The outside factors are mixed, with crude oil down 32 cents/barrel, as the dollar index was down 212 points.
The weekly Crop Progress data showed TX with 13% of the crop setting bolls, and GA at 12%, both 2% above normal. Conditions saw a 6% drop in the gd/ex categories to 50% gd/ex, as the Brugler500 index was down 11 points to 331. TX was a 9 point drop, with ratings in GA down 14 points.
ICE certified cotton stocks were down 4,818 bales on decerts, to 54,217 bales on July 1. The Cotlook A Index was down another 175 points on June 27 at 82.95 cents/lb. The USDA Average World Price (AWP) rebounded from the previous week decline, up 1.58 to 58.23 cents per pound. It will be in effect through July 4. Because of the holiday, the next AWP rate announcement from FSA will be on Friday, July 5 at 8 AM EDT.
Jul 24 Cotton closed at 69.33, down 74 points,
Dec 24 Cotton closed at 72.7, down 40 points,
Mar 25 Cotton closed at 74.39, down 37 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.