Cotton Posing Thursday Morning Gains
Cotton futures are 8 to 15 points higher this morning. They were down anywhere from 39 to 187 points on Wednesday. The outside market influences were there, with crude oil down 54 cents/barrel and the US dollar index up 160 points.
Export Sales data will be released later this morning, with traders expecting the shift in emphasis to new crop delivery to continue.
ICE certified cotton stocks were up another 192 bales on April 23 at 176,977 bales. The Cotlook A Index was back up 150 points to 88.55 cents/lb on April 23. The AWP dropped another 325 points to 62.18 last week and is good through this Thursday.
May 24 Cotton closed at 79.51, down 71 points, currently unch
Jul 24 Cotton closed at 81.01, down 71 points, currently up 15 points
Dec 24 Cotton closed at 77.69, down 39 points, currently 11 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.
