Cotton Heading Higher on Wednesday

Cotton prices are trading with gains of 65 to 68 points in the nearbys on Wednesday.   The outside markets are pressure factors, with crude oil down $0.16/barrel and the US dollar index 255 points higher.

Tuesday afternoon’s Crop Progress report from NASS indicated a total of 88% of the US cotton crop with bolls open and harvest 34% complete, vs the 30% average pace. Harvest in TX was iup 4 percentage points ahead of normal at 38%, with GA 1% behind at 19%. Condition ratings were up 5% to 34% as of October 13, with the Brugler500 index rising 11 points to 294. In TX ratings were 16 points improved, with GA up 4 points. 

The Seam reported 301 bales of online sales on October 15 at an average price of 67.21 cents/lb. ICE cotton stocks were unchanged on Tuesday, leaving 174 bales of certified stocks. The Cotlook A Index was down 125 points on October 15 at 82.80 cents/lb. The USDA Adjusted World Price (AWP) was trimmed by another 40 points last week to 60.41 cents/lb. It is good through Thursday.

Mar 25 Cotton  is at 73.42, up 67 points,

May 25 Cotton  is at 74.86, up 65 points,

Jul 25 Cotton  is at 75.81, up 68 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.