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Cotton Fading through TuesdayTurnaround Tuesday trading has cotton futures down by triple digits in the old crop contracts. New crop futures are off their lows and 2 to 12 points in the red at midday. NOAA’s updated 7-day QPF has rainfall in E. TX and N. LA amounting to as much a s1 3/4”. Northern MS/GA/AL will also get up to an inch over the week. After the close, NASS reported US cotton planting was 3% finished nationally with AZ at 6% and TX at 5%. The 5-yr average pace would be 4% planted as of 3/31. The Cotlook A Index was back down by 235 points to 95.60 cents/lb on 3/28. USDA’s weekly Cotton Market Review had 7,069 bales sold during the week for an average price of 85.19 cents/lb. USDA’s FSA lowered the week’s Adjusted World Price of cotton by 162 points to 70.88 cents/lb. ICE certified stocks were shown at 52,224 bales as of 3/27. May 24 Cotton is at 91.36, down 140 points, Jul 24 Cotton is at 92.3, down 101 points, Dec 24 Cotton is at 84.35, unch 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. |
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