Cotton futures were in turnaround action on Tuesday, as contracts closed with 130 to 188 point gains at the close. The US dollar index is $0.108 higher at $98.370. Crude oil was down $3.74 to $102.68.
NASS Crop Progress data showed 21% of the US cotton crop planted as of May 3, which was 2 percentage points ahead of the 5-year average of 19%. Planting progress in TX was 2 percentage points ahead of average, with GA 3 points behind average.
Census trade data showed March cotton exports (excluding linters) at 1.683 million bales, Up 57.02% from February and down 8.25% from a year ago in March.
The Seam showed 182 bales sold on 5/4 at an average of 66.35 cents/lb. The Cotlook A Index was up 300 points on Friday at 92.05 cents. ICE certified cotton stocks were up 451 bales on May 4, with the certified stocks level at 180,192 bales. The Adjusted World Price was up another 40 points last week to 65.66 cents/lb. It is good through Thursday.
May 26 Cotton closed at 82.46, up 188 points,
Jul 26 Cotton closed at 84.8, up 188 points,
Dec 26 Cotton closed at 85.27, up 159 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.
