Cotton Slipping Lower Early on Thursday
Cotton price action early on Thursday morning is down 14 to 32 points so far. Futures closed Wednesday with contracts down 22 to 26 points in the front months, as the outside markets were mixed. Crude oil prices were back up $0.96 on the day, with the US dollar index $0.390 higher to $99.815.
Late on Wednesday, a Federal trade court ruled that President Trump’s liberation day tariffs were illegal, and he has exceeded his authority. The court gave the President 10 days to complete a process of halting the tariffs, while the white house is appealing the ruling.
The Tuesday online sale from The Seam showed 806 bales sold at an average price of 60.23 cents/lb. The Cotlook A Index was back up 50 points on 5/27 at 78.25. ICE cotton stocks were up 4,277 bales via new certifications on May 27, with a certified stocks level of 46,517 bales. USDA’s Adjusted World Price (AWP) was down 38 points last Thursday at 53.52 cents/lb. It is good through tomorrow.
Jul 25 Cotton closed at 65.33, down 24 points, currently down 33 points
Oct 25 Cotton closed at 67.76, down 26 points, currently up 18 points
Dec 25 Cotton closed at 68.1, down 22 points, currently down 20 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.