Cotton futures were mixed on Monday, with front months down 16 to 95 points and back months up 3 to 33 points. Outside markets should be providing support but are being ignored, with crude oil up $1.61/barrel and the dollar index down 43 points. There was chatter that Brazil may see some shift to increased cotton acreage due to the dryness.
USDA’s Crop Progress report indicated the US cotton harvest at 77% complete by Sunday. That was a 10% move on the week and compared to the 71% average pace for this week.
The Seam tallied 4,445 bales traded on November 17 at an average price of 76.65 cents/lb, 30 points higher vs. the previous day.
The Cotlook A Index was unchanged on November 17 at 90.90 cents/lb. The AWP for this week is 64.23 cents/lb and will be adjusted by FSA later this week. ICE certified stocks for 11/17 were 86,868 bales.
Dec 23 Cotton closed at 77.97, down 95 points,
Mar 24 Cotton closed at 81.25, down 26 points,
May 24 Cotton closed at 81.96, down 23 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.