Cotton Leaking Lower with Outside Market Pressure
Cotton futures are down 24 to 40 points at midday, with May up 18 on thin trade. The outside market influences are putting pressure on the market at midday, with crude oil down 47 cents/barrel and the UD dollar index up 230 points.
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 is at 80.22, up 18 points,
Jul 24 Cotton is at 81.32, down 40 points,
Dec 24 Cotton is at 77.84, down 24 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.