Cotton Showing Turnround Tuesday Bounce
The cotton market is posting 81 to 108 point gains at midday. The US dollar index is up 196 points, a negative input, while crude oil is 25 cents higher.
The US cotton crop was reported at 24% planted as of Sunday, a 9% advance over the last week. The 5 year average planting pace for the crop is 20% complete by May 5, according to USDA/NASS. Of the major cotton acreage states, TX was 3% faster than normal at 24%, with GA 4% ahead at 21%.
ICE certified cotton stocks were down 1,320 on May 6 at 184,790 bales. The Cotlook A Index was down 30 points on May 3 at 83.25 cents/lb. The AWP dropped another 78 points to 60.55.
May 24 Cotton is at 76.56, down 80 points,
Jul 24 Cotton is at 77.97, up 91 points,
Dec 24 Cotton is at 76.3, up 99 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.