Cotton Bounce on the Midweek Session
Cotton futures closed the Wednesday session with 20 to 38 point gains. The outside factors were helping, with crude oil (an analog for synthetic fibers) up $1.03 and the US dollar index down 107 points.
The Seam saw online cash sales of 694 bales on July 9 at an average of 70.75 cents/lb. ICE certified cotton stocks were UNCH on July 9 at 53,790 bales. The Cotlook A Index was unchanged on July 9 at 81.50 cents/lb. The USDA Average World Price (AWP) was cut by 43 points last week to 57.80 cents/lb last week and is effective through tomorrow.
Dec 24 Cotton closed at 70.93, up 38 points,
Mar 25 Cotton closed at 72.73, up 32 points,
May 25 Cotton closed at 74.12, up 29 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.